In large microwavable bowl, place cereal; set aside. In medium microwavable bowl, microwave brown sugar, butter, corn syrup, food color and cake mix uncovered on High 2 to 2 1/2 minutes or until mixture is boiling. Immediately pour over cereal; toss until well coated.
Spread on waxed paper. Cool 5 minutes.
Place frosting in a small microwavable bowl; microwave uncovered on high 20 seconds. Drizzle over cereal mixture. Store loosely covered.