The film, which takes place at Christmas, follows a boy named after his favourite dessert who runs away from home after he is caught shoplifting. He then encounters another runaway, a girl being raised by two gay men who are looking for her birth mother.
Knoxville launched his career starring in the extreme stunts show Jackass before going on to star in the Dukes of Hazzard remake and The Ringer.
Posey's eclectic filmography includes turns in low-budget films Dazed and Confused and Waiting for Guffman, along with roles in blockbusters such as Blade: Trinity and Superman Returns.
Waters directed the original Hairspray in 1988, 1994's Serial Mum and most recently A Dirty Shame.