Begin by baking the red velvet cake according to the package (with 3 eggs, 1 cup water, 1/3 cup vegetable oil). I baked mine in a 9x12 brownie pan. Let cool and crumble in large mixing bowl.
Soften the cream cheese and mix together with red velvet cake crumbs. Add in frosting (the extra moistness helps the walnuts stick). If your walnuts still don't stick, wetting your fingers with water as you work will do the trick!
Roll truffles in walnuts. Store in refrigerator to firm.