FROST tops and sides of cupcakes with whipped topping. Decorate with chocolate sprinkles.
CUT each piece of licorice into 8 pieces. Insert 8 pieces licorice into top of teach cupcake to create "spider legs." Top with 2 candies for "eyes." Store leftover cupcakes in refrigerator.
To create "lady bugs," stir a few drops red food coloring into whipped topping. Frost cupcakes as directed. Decorate with chocolate chips.