CUT 2-inch-thick slice from both ends of watermelon; discard trimmed slices. Stand watermelon on cutting board. Starting at top of melon, use long thin sharp knife to carefully cut between rind and fruit all around watermelon to separate rind from fruit. Remove and discard rind.
PAT melon with paper towels to dry; place on platter. Frost with COOL WHIP.
DECORATE with remaining ingredients to resemble photo.