Beat the cake mix, water, vegetable oil, egg whites and extracts together on low speed for 30 seconds, then on medium for 2 minutes, until smooth. Fill cupcake liners 1/2 full with white batter; set aside.
Stir 4 drops of food coloring into the remaining bowl of batter to make desired color. Fill cupcake liners up to 2/3 full with colored batter.
Bake the layered cupcakes in the preheated oven until a toothpick inserted into the center comes out clean, 15-20 minutes.
Cool completely before frosting.