Heat oven to 350°F. Line 9 cups in standard-size muffin pan with cupcake liners. Whisk together flour, baking powder and salt in a bowl.
Beat butter and sugar in large bowl until light colored and smooth, 2 minutes. Add eggs, one at a time, along with extract, beating well after each egg. On low speed, add flour mixture alternately with milk. Fold in chocolate sprinkles. Divide batter among liners, a level 1/3 cup each.
Bake in 350°F oven for 20 to 25 minutes or until toothpick inserted into centers comes out clean. Let cupcakes cool in pan on wire rack for 5 minutes. Remove cupcakes from pan to wire rack; let cool completely.
Freeze cupcakes in airtight container. When ready to serve, remove 1 cupcake from freezer and thaw at room temperature for at least 20 minutes. Frost with prepared icing and decorate with additional chocolate sprinkles, if desired. Keep unused portion of frosting in refrigerator for up to 1 month.
If nuts rate high in your household, a fun variation on prepared chocolate frosting is to use a prepared chocolate-hazelnut spread. For a peanuty cupcake option, substitute 2 tablespoons finely chopped peanuts for the chocolate sprinkles in the batter. Then top cupcakes with our rich Peanut Butter Frosting (recipe below). Garnish with additional chopped nuts.
On low speed, beat together peanut butter, at room temperature, confectioners sugar, vanilla extract and milk until smooth. Spread over cupcakes (about 2 tablespoons frosting per each cupcake); refrigerate any extra. Garnish with additional chopped nuts.