Butter an 8x8 glass baking dish and set it aside.
In the bowl of a food processor, crush vanilla sandwich cookies until small even crumbs form. Add melted butter and pulse until combined.
Press cookie/butter mixture into the greased baking dish and place in the freezer for 10 minutes to chill while preparing the next layer.
With a hand mixer or in the bowl of a standing mixer, beat together cream cheese, powdered sugar, vanilla, and 1 cup of frozen whipped topping until smooth and creamy (about 5 minutes). Add in sprinkles and stir just until combined.
Spread cream cheese mixture over the chilled cookie crumb layer and place back into the freezer for another 10 minutes.
With a whisk or beater, combine both packages of pudding mix, milk, and 1 cup of frozen whipped topping. Whisk until combined and mixture begins to thicken.
Spread pudding layer over the chilled cream cheese layer and chill for 30 minutes or until pudding is set.
Gently top whipped topping, creating swoops with the back of a spoon or spatula (you may have leftover whipped topping). Top with more sprinkles. Chill until ready to serve.