Cut rounded tops off cupcakes with serrated knife; set bottoms aside for later use.
Use 1-inch cookie cutter to cut heart shape from each cupcake top; set cutouts aside.
Spread 1 Tbsp. COOL WHIP onto bottom of each cupcake; cover with top of cupcake. Spoon remaining COOL WHIP into heart-shaped holes. Decorate with heart cutouts and candies.