In a medium-sized bowl, combine cake mix, dry pudding mix, vegetable oil, eggs, water, sour cream, and strawberry (or vanilla) extract. Beat on medium – high speed until all ingredients are well blended. Lastly, add sprinkles and mix until incorporated.
Pour the batter into a 9-inch by 13-inch pan and bake at 350°F for 20-25 minutes until cake is set. Test cake by inserting a toothpick into the center. If the toothpick comes out clean, the cake is done. Allow to cool for 20 minutes.
While the cake is still warm, take the end of a wooden spoon or another round object and poke holes all over the top of your cake. Pour the jar of sweetened condensed milk over top of the holes as equally as you can. Allow the cake to cool completely, refrigerating if necessary.
For the Topping:
Place the metal bowl and whisk in the freezer for about 15 minutes until they are good and cold.
Pour the heavy whipping cream into the chilled mixing bowl and beat on high until bubbly.
Add the powdered sugar and dry cake mix and continue to beat until stiff peaks form.
Spread over cooled cake.
Garnish with sprinkles and fresh strawberries. This cake must then be refrigerated after adding the whipped cream.