Pour the chocolate candy melts into a microwave safe dish and heat in 30-second increments, stirring occasionally until melted.
Carefully dip the rim of each mug into the melted chocolate and set aside from the chocolate to harden.
In a medium saucepan, combine the white chocolate chips, strawberry ice cream, butter, granulated sugar. Heat on medium heat stirring until melted, approximately 5 minutes.
Slowly add in the water 1 cup at a time until you've reached your desired hot cocoa consistency.
Pour into the prepared mugs, top with whipped cream and sprinkles and enjoy!