HEAT oven to 350°F.
REFRIGERATE 1/3 of the COOL WHIP. Return remaining COOL WHIP to freezer. Prepare cake batter; blend in dry pudding mix. Bake as directed on package for 2 (9-inch) round layers. Cool cakes in pans 10 min.; invert onto wire racks. Cool completely.
MEANWHILE, mix 2 Tbsp. powdered sugar and milk. Brush onto wafers. Microwave frozen COOL WHIP and chopped chocolate on HIGH 1-1/2 min. or until chocolate is melted, stirring after 1 min. Cool 15 min. to thicken.
BEAT cream cheese and remaining sugar with whisk until well blended. Stir in cherries and thawed COOL WHIP. Stack cake layers on plate, filling with cream cheese mixture. Frost with chocolate mixture. Decorate with wafers and remaining ingredients to resemble a drum and sticks. Refrigerate leftovers.