MIX graham crumbs, 1/4 cup sugar and butter until well blended. Press onto bottom of 13x9-inch pan; set aside.
BEAT cream cheese, remaining sugar and 1/4 cup milk with whisk until well blended. Spread over crust.
BEAT pudding mixes and remaining milk with whisk 3 min. Pour over cream cheese layer in pan. Let stand 5 min. or until thickened. Stir food colouring into Cool Whip with whisk until blended; spread over pudding layer. Refrigerate 4 hours.