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ADD boiling water to gelatin mixes in large bowl; stir 3 min. until completely dissolved. Stir in sparkling water; pour into 8 champagne glasses or dessert dishes. Refrigerate 30 min. or until thickened.
TOP with oranges. Refrigerate 2 hours or until firm.
COMBINE COOL WHIP and red pepper; spoon over desserts just before serving.
