Prepare cake mix according to directions for 16 standard cupcakes and 16 mini cupcakes, using paper liners. Bake mini cupcakes 15 to 20 minutes and standard cupcakes for 25 to 28 minutes. Let cool completely.

Combine cans of frosting and tint pink. Frost all cupcakes. Cut 16 of the marshmallow peanuts in half lengthwise. Cut remaining 8 marshmallow peanuts in half crosswise, and shape into cones for noses. Place one cone shape close to edge of each mini cupcake. Arrange lengthwise marshmallow halves on either side of the mini cupcakes for ears. Cut mini marshmallows in half and arrange around peanut marshmallows. Pipe two eyes, using tubed icing; attach Red Hot at tip of each nose, using pink frosting. Place mini cupcakes on their sides on top of larger cupcakes. Fill in puppy bodies with cut mini marshmallows.