BEAT cream cheese in large bowl with mixer until creamy. Gradually beat in milk. Add pudding mixes; beat until well blended. Gently stir in 2 cups COOL WHIP.
BRUSH tops of wafers with water. Sprinkle 16 wafers with red sugar, 16 wafers with blue sugar and remaining wafers with granulated sugar.
ARRANGE 24 wafers on bottom and up side of 2-1/2-qt. bowl, alternating colors of wafers. Spoon half the pudding mixture into bowl; top with layers of half each of the fruits. Cover with layers of remaining wafers, pudding mixture and fruits.
TOP with remaining COOL WHIP. Refrigerate 2 hours.