Preheat oven to 350 degrees. Spray a 9x13” pan with cooking spray.
Add all cake ingredients to a large bowl and mix, according to package directions, until smooth, about 2 minutes. Bake for 23-28 minutes, until a toothpick comes out clean. Remove from oven and let sit for 10 minutes.
In a small bowl, stir together sweetened condensed milk and 1/4 cup Cherry Coke.
In another small bowl, heat hot fudge until liquid, but not too hot. Stir in remaining 1/4 cup of Cherry Coke.
While cake is still warm, poke several holes in the top using the handle of a wooden spoon.
Pour the sweetened condensed milk mixture evenly over the top, being sure to get it in the holes.
Do the same with the hot fudge mixture.
Let the cake cool completely at room temperature. Spread cherry ice cream topping over the top of the cake. Spread Cool Whip evenly over cake, cover with plastic wrap and chill for several hours before serving.
Top with sprinkles before serving, if desired.