MIX graham crumbs and butter; press onto bottom of 13x9-inch dish. Refrigerate while preparing filling.
BEAT cream cheese, sugar and 1/4 cup milk in large bowl with mixer until blended. Gently stir in 1 cup Cool Whip; spread onto crust.
PREPARE each pudding mix with 1-1/2 cups milk in separate bowls, beating with whisk 2 min. Layer vanilla and butterscotch puddings over cream cheese filling; top with remaining Cool Whip. Refrigerate 4 hours. Drizzle with caramel topping just before serving.