COMBINE vegetables in 2-L microwaveable dish. Add water; cover. Microwave on HIGH 8 to 10 min. or until vegetables are tender; drain.
MICROWAVE cream cheese spread and milk in 2-cup microwaveable measuring cup or medium bowl 1 min. or until cream cheese is melted and mixture is well blended when stirred. Stir in sour cream; pour over vegetables. Sprinkle with Cheddar; microwave 2 min. or until melted.
MIX cracker crumbs and Parmesan; sprinkle over vegetables.