Heat oven to 350 degrees F. Grease and flour 10-inch tube pan.
In large bowl, combine cake mix and pudding mix. Add oil, water and eggs. On low speed, beat 30 seconds until moistened. On medium speed, beat for 2 minutes. Stir in walnuts and sprinkles; pour into prepared pan.
Bake in 350 degree F oven for 60 minutes until cake tester comes out clean. Makes 16 servings.