STIR boiling water into dry gelatin mixes in medium bowl at least 2 min. until completely dissolved. Stir in cold water. Refrigerate about 1-1/4 hours or until slightly thickened (consistency of unbeaten egg whites). Reserve a few oranges for garnish. Gently stir remaining oranges into thickened gelatin. Set aside.
BEAT cream cheese and sugar in separate medium bowl with wire whisk until well blended. Gently stir in 2 cups of the whipped topping. Spoon into large serving bowl; cover with the gelatin mixture.
REFRIGERATE 2 hours or until firm. Top with the remaining whipped topping and reserved oranges just before serving.