Preheat oven to 350°F/175°C. Line four 7-inch or three 8-inch pans with parchment rounds and grease with non-stick cooking spray.
Mix together 3 cups all purpose flour, 3 cups sugar, 2 1/2 tsp baking powder, and 1 tsp salt in a stand mixer with a paddle attachment or hand mixer until fully combined.
Mix in 1 cup of room temperature, unsalted butter slowly into the dry ingredients on a low speed. Continue to mix until no large chunks of butter remain and the mixture looks like moist sand.
Pour in 1 cup of egg whites and mix on low until just incorporated. Mix in 1 1/2 cups buttermilk in two installments, on a low speed.
Add in 2 Tbsp of vegetable oil, 2 tsp of vanilla extract, and 1 1/2 tsp of almond extract. Mix on a low speed until fully incorporated.
Scrape down the sides of the bowl with a rubber spatula, then beat on a medium speed for about 30 seconds to make sure everything is properly mixed together.
Divide the batter evenly between two bowls. Gently fold 1/3 cup rainbow sprinkles into the batter in one bowl with a rubber spatula, and 1/3 cup crushed Oreos into the other.
Bake for 34-36 minutes, or until a toothpick comes out clean. Allow the pans to cool for 10 minutes, then run an offset spatula around the perimeter of the pan to separate the cake from the pan.
Place cake layers into the freezer for 45 minutes to accelerate the cooling process. Once the layers are fully cooled, carefully flip the pans and remove the layers from the pans.
Use a serrated knife to level the tops of the layers once they're fully cooled. If you're making these in advance, warp and freeze them at this point.
If you make these cake layers in advance and freeze them, let them thaw for about 20 minutes before making your cake. The cake layers should still be slightly cold to the touch, which will make it easier to assemble your cake.