Preheat the oven to 350 F. Prepare a 12-count muffin pan by placing a muffin liner inside each space.
In a small mixing bowl, add waffle cone crumbs, granulated sugar, and melted butter. Mix until well combined.
Evenly divide the mixture into the 12 muffin liners. This is about 2 tablespoons in each one. Pack each one down by pressing on it with a small glass or measuring cup, a spoon, or your fingers.
Bake waffle cone crust for 5 minutes. When finished, leave crusts in muffin tin and wait until completely cooled (about 30 minutes).
Place vanilla ice cream on the counter for about 30 minutes until it starts to get a little melty so it is easy to stir. Dump the container of ice cream into a large bowl and mix until smooth. When ice cream is smooth, fill each muffin tin with ice cream and smooth the top. Place in the freezer to harden for at least 1 hour.
Add whipped topping to the top of each ice cream cake. You can add it to a piping bag and use a piping tip, or use a large ice cream scoop to make a “scoop” of whipping topping. Place muffin tin in the freezer for at least 1 hour to firm up the whipped topping. When ready to serve, use a knife at the side to take them out of the tin.
When about ready to serve, place chocolate chips in a microwave-safe bowl. Add coconut oil. Microwave for 30 seconds. Stir and continue to microwave for 15-second increments until completely melted. Stir between each time and be careful not to overcook.
Let chocolate topping sit for a few minutes, stirring occasionally, until mostly cooled.
When ready to serve, add chocolate topping, sprinkles, and maraschino cherries to the top of each ice cream cake. Work quickly to finish the toppings before the chocolate “magic shell” hardens.
Serve immediately.