Preheat oven to 325°F. Line a 9-inch springform pan with parchment paper and grease the sides.
In a bowl, combine vanilla wafer crumbs, melted butter, and 3 tablespoons sugar. Press into pan bottom and sides evenly.
Bake crust for 10 minutes. Remove and let cool. Wrap outside of pan with foil for water bath.
Reduce oven temperature to 300°F. In a large bowl, beat cream cheese, sugar, and 3 tablespoons flour until smooth using low speed. Scrape down sides.
Mix in sour cream and vanilla extract on low speed until combined.
Add eggs one at a time, mixing slowly after each addition. Scrape bowl sides as needed.
Stir in 5 tablespoons of sprinkles gently. Set cheesecake filling aside.
In a separate bowl, combine 16 oz rainbow chip frosting with remaining 6 tablespoons flour. Mix well.
Spread frosting evenly over the cooled crust bottom.
Layer half the mini vanilla wafers over the frosting.
Spread half of the cheesecake filling evenly over the wafers.
Add remaining mini vanilla wafers on top in an even layer.
Spoon remaining cheesecake filling over the wafers and smooth the surface.
Place springform pan into a larger pan and add warm water halfway up pan sides for water bath. Do not let water reach foil top.
Bake cheesecake for 1 hour 10 minutes until center is set but still slightly jiggly.
Turn off oven and keep door closed for 30 minutes to let cheesecake gently cook and cool.
Crack oven door open and cool cheesecake for additional 30 minutes to prevent cracks.
Remove cheesecake from oven and water bath. Refrigerate for 5-6 hours or overnight until firm.
Remove cheesecake from springform pan and place onto serving dish.
For blue buttercream, beat 0.5 cup butter until smooth. Gradually add half powdered sugar and mix well.
Add 0.5 tsp vanilla extract and 1 tablespoon cream or water, mixing until combined.
Add remaining powdered sugar, mix to smooth consistency, adding more cream or water if needed.
Add blue gel icing color to buttercream and mix until evenly colored.
Spread part of the second can of rainbow chip frosting on cheesecake top, leaving space around edges.
Pipe blue buttercream around outer edge of cheesecake for decoration.
Decorate top with additional sprinkles and pieces of Dunkaroo cookies.