Make the truffle base: Beat cream cheese until smooth using a hand mixer. Mix in the sugar, extract, and graham cracker crumbs.
Line a cookie sheet with wax or parchment paper. Scoop 1 tablespoon size balls of the cheesecake mixture onto the cookie sheet.
If you’re making the graham coated truffles, continue without chilling. Freeze the cookie sheet of naked truffles for about 30 minutes if you’re making the chocolate covered truffles or fried truffles.
To make graham coated truffles: roll each truffle in a bowl of graham cracker crumbs. Roll between the palms of your hand to make a uniform ball, then roll in the bowl again. Chill until they’re not too soft, about 30 minutes.
To make chocolate covered truffles: melt chocolate according to package directions. I like melting the chocolate in a disposable paper bowl for easy cleanup. Dip each truffle in the chocolate and tap off the excess, then place on a wax paper lined cookie sheet. Sprinkle with colorful sprinkles. Chill to set, about 10-20 minutes.
To make the fried truffles: place oil in a deep 3 or 4 Qt pot and attach a candy thermometer to the side. Heat on medium heat until the oil reaches 350°F. Meanwhile, whisk the pancake mix and water until smooth. Let it sit until the oil is ready. Place a paper towel on a cookie sheet and place the flour in a small bowl. Once the oil is ready, roll each truffle in the flour, then dip in the batter. Use two spoons to carefully get the truffle into the hot oil without splattering. Cook for just a few minutes, 2-3 at a time, rolling them with a spoon to make sure they get evenly cooked, until they are golden brown. Remove from the oil with a slotted spoon to the paper towels. Once they’re done, serve topped with powdered sugar.
Store chocolate covered truffles or graham coated truffles in the refrigerator for up to 4 days. Eat fried truffles while warm, or at least the same day they are fried.