Place 12 foil cupcake liners on a baking sheet. Microwave red wafers in a bowl for 30-second intervals, stirring in between, until melted (about 2 minutes). Repeat with the white and blue wafers.
Using a 1-inch pastry brush, spread one color of melted wafers across bottom of foil cup, then brush the color up the cup's sides.
Brush stripes of alternating colors across bottom of cup, continuing up the sides.
Return finished cups to baking sheet and refrigerate until just set, about 3 minutes. Apply a second coat of melted wafers to each cup, matching its original color pattern, and return to refrigerator to set, 10 minutes.
To assemble, carefully peel foil from chilled cups. Gently place 1 cake circle into bottom of each cup. Top each circle with 2 tablespoons pudding; divide fruit mix among cups. Decorate with dollops of whipped cream, and top with colored sprinkles
Cut pound cake crosswise into 12 1-inch-thick slices. With a cookie cutter, cut a 2-1/2-inch round from each slice. In medium bowl, combine strawberries, blueberries, and preserves.