RESERVE 24 wafers. Crush remaining wafers; mix with butter. Press onto bottom of 13x9-inch pan. Refrigerate while preparing filling.
BEAT cream cheese and sugar with mixer until well blended. Whisk in 1 cup COOL WHIP. Carefully spread over crust. Stand reserved wafers around edges.
BEAT pudding mixes and milk with whisk in medium bowl 2 minute Stir in 1 cup COOL WHIP and 3/4 cup coconut; spread over cream cheese layer. Top with remaining COOL WHIP and coconut. Refrigerate 5 hours.