Heat oven to 350°F. Line 24 muffin cups with paper baking cups. In large bowl, combine cake mix, water, oil and eggs; beat at low speed until moistened. Beat 2 minutes at medium speed. Divide batter evenly into paper-lined cups. Place ice cream cone upside down over batter in each cup.
Bake at 350°F. for 17 to 23 minutes or until toothpick inserted in center comes out clean. (Lift 1 cone to test cake.) Cool in pan 5 minutes. Carefully remove cupcakes from pan; place on wire racks. Cool 20 minutes or until completely cooled.
Invert cupcakes with cones so cones stand upright; carefully remove paper baking cups. In medium bowl, combine vanilla and chocolate frostings; mix well. Reserve 1/4 cup frosting. Frost cupcakes with remaining frosting.
To make a reindeer on each cupcake, insert 2 pretzels for antlers and 2 brown candy pieces for eyes. Dip 1 "any color" candy piece in reserved 1/4 cup frosting to cover; place on face for base of nose. Top with 1 red candy piece to complete nose.