Heat oven to 350°F. Spray 10 regular-size muffin cups with cooking spray. Let cookie dough stand at room temperature 10 minutes to soften.
In large bowl, break up cookie dough; add eggs. Beat with electric mixer on medium speed until smooth and well combined. Divide dough evenly into 5 small bowls. Color dough with red, orange, yellow, green and blue food colors, stirring until well combined.
Scoop dough into muffin pans, making 2 cupcakes of each of the 5 colors, for a total of 10 cupcakes. Bake 15 to 18 minutes or until toothpick inserted in center comes out clean. Cool in pan 5 minutes. Remove cups from pan to cooling rack to cool completely, about 30 minutes.
Meanwhile, in medium bowl, beat whipping cream, sugar and vanilla with electric mixer on medium high speed until stiff peaks form.
Crumble each of the cupcakes, keeping the colors separate. Sprinkle red cake crumbles into each of 12 glass parfait cups, glasses or small jars. Pipe whipped cream on top of each. Repeat process with orange, yellow, green and blue cake crumbles, finishing with the blue cake crumbles. Serve immediately, or refrigerate until ready to serve.