Per Emily's request, here is the recipe I used for the cake http://allrecipes.com/Recipe/red-velvet-cake-i/detail.aspx.
It is the weirdest frosting recipe I have ever seen, but I loved it. Make sure you cook the flour and milk until it is very thick, stirring constantly to avoid lumps. Also, don't let the finished frosting get too warm when you are working with it. The butter will start to separate out and ruin the creamy texture. I think I got mine into the fridge just in time to save it. It's a little finicky, but give it a try!
For the cake I added a tablespoon more cocoa and used a lot less food coloring. It was more red than it looks in this picture. Clearly a red velvet cake when you saw it in real life. I wasn't going to buy a whole bottle of red food coloring just to use on this cake. Besides, I don't know if my grocery store even sells anything but the .3 oz bottles that come in 4 packs.
I can't give an exact recipe for the cake balls. I did it by sight and taste. Crumble about 1/2 of the cake recipe (cooked and cooled). Then add 4 oz of cream cheese and enough of the frosting to make them the right consistency (shapeable and moist, but not too gooey). Roll into balls, freeze, dip in chocolate.
They were both well worth the work, but maybe only for special occasions given the mess it made!