In a small bowl, whip egg whites until stiff.
In a separate bowl combine Pamela's Baking & Pancake Mix, egg yolks, water, cocoa powder, and red food coloring and oil together until there are no lumps.
Fold in stiff egg whites and bake immediately in preheated, greased waffle iron.
Combine all cream cheese frosting ingredients in a medium bowl and combine using a hand mixer until soft.
Serve waffles hot off the iron drizzled with frosting and topped with whipped cream and sprinkles if desired.
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