Preheat oven to 350 degrees.
In a large bowl, combine the cake mix, pudding mix, sugar, and eggs. Mix well.
Add the vegetable oil, water, sour cream, and vanilla.
Beat on medium speed with hand held mixer until light and fluffy, about 2-3 minutes.
Fold in the chocolate chips and cherries.
Pour into a greased 10 inch bunt pan.
Bake at 350 degrees for 50-60 minutes or until a wooden toothpick inserted in the middle comes out clean.
Allow the cake to cool for about 20 minutes, then invert onto serving plate. Cool completely.