Preheat oven to 350 degrees. Line a baking sheet with parchment paper; set aside. Fit a cupcake pan with cupcake liners; set aside.
Follow package instructions and prepare the cupcakes. Fill the lined cupcake pan 3/4 full. Bake in preheated oven 21 minutes. Cool baked cupcakes on a wire rack until completely cool. Remove the liners from the cupcakes. Place about 5 cakes at a time in a large bowl. Crumb the cakes, with your hands, until you have fine crumbs. Mix 1-2 Tablespoons prepared frosting into crumbs until mixture resembles cookie dough mixture.
Use a small cookie scoop, portion out the dough and roll into a ball with your hands. Insert 2 Ghiradelli chocolate wafers where ears belong. Repeat with remaining cupcakes and chocolate wafers/ears. Place finished cake balls on prepared baking sheet and freeze overnight.
Melt the second package of chocolate wafers in a double boiler. When completely melted, carefully peel cake balls from parchment paper. Dip the whole cake ball into melted chocolate. Very gently, shake off excess chocolate then place back on lined baking sheet. Insert 2 antlers into the top of the head. Place a red M&M where nose should be. Allow chocolate to harden.