In a medium bowl, mix together cream cheese, Splenda Sweetener, and sweetened condensed milk. Mix in the coconut and rice cereal to form a stiff dough.
Shape dough into 1 inch balls; place on a baking sheet. Refrigerate until set, about 1 hour.
In the top of a double boiler, melt chocolate, stirring occasionally until smooth. Remove from heat.
Use a toothpick to pick up a ball and dip it in melted chocolate. Set on wax paper to dry.