Spread 1 cup of the crushed vanilla wafers in pan.
In a bowl, cream butter until very light and fluffy. Add in the powdered sugar and beat some more. Add eggs one at a time, beating well after each. Add vanilla. Slight separation is normal. Spread this over vanilla wafers.
Sprinkle 3/4 c of the remaining wafers over the top of this layer.
In another bowl, beat whipping cream until thick. Fold in cherries. Spread this as the next layer.
Sprinkle remaining wafers over the top. Cut into portions while still in the pan with a knife dipped in water. Garnish each piece with a cherry half.