Preheat the oven to 350 degrees and spray a 9x9” cake pan with non-stick cooking spray.
In a medium mixing bowl, combine the cake mix, milk, vegetable oil and eggs. Whisk together until fully blended.
Once blended completely, pour the cake mixture into the cake pan and bake for 33-38 minutes or a toothpick inserted into the center comes out clean.
When Cake has completed bake time, remove from the oven and place on the cooling surface.
Immediately after removing cake from the oven, begin to poke your holes into the cake. You will want to poke approximately one hole every ½-1 inch across cake in both directions. Start from the top and make your way to the very bottom of the cake pan.
Once all of your holes have been poked, pour your caramel sauce over the cake. Spread evenly so that the caramel sauce drips into each hole.
Allow your cake to cool completely before continuing to the next step.
Once your cake has cooled, cover the surface with cool whip or chocolate icing, spreading evenly. Some chocolate icing may seep into the holes as well.
Top cake with your mix of chocolate and caramel chips.
Cut a serving of cake and serve immediately.