Line a baking sheet with parchment or wax paper.
In a stand mixer or food processor, crush the Oreo cookies into fine crumbs.
Add the softened cream cheese and mix until a smooth dough forms.
Wrap the dough in plastic wrap and refrigerate for 30 minutes.
Roll the chilled mixture into tablespoon-sized balls and place them on the prepared baking sheet.
Freeze the balls for at least 1 hour to firm up.
Melt each color of candy melts in separate microwave-safe bowls, heating in 15 to 30-second intervals and stirring until smooth.
Using a fork, dip each frozen Oreo ball into the melted candy coating, letting the excess drip off.
Place the coated balls back on the parchment-lined sheet and immediately top with festive sprinkles.
Allow the chocolate coating to set by refrigerating the truffles until firm.
