BEAT pudding mix and milk in large bowl with whisk 2 min. Stir in 1 cup Cool Whip; spread into 8-inch square pan. Freeze 3 hours or until firm enough to scoop.
CHOP 16 wafers. Spoon scant tablespoonful of the chopped wafers into each of 8 parfait glasses or dessert dishes. Scoop 1/4 cup of the pudding mixture into each glass; sprinkle with remaining chopped wafers.
CUT bananas lengthwise in half, then cut each piece crosswise in half. Stand 1 banana piece in each parfait glass. Fill with remaining Cool Whip and wafers; top with cherries. Serve immediately.