Reserve 24 wafers. Crush remaining wafers; mix with butter. Press onto bottom of 13x9-inch pan. Refrigerate until ready to use.
Beat cream cheese and sugar with mixer until blended. Whisk in 1 cup COOL WHIP; spread carefully over crust. Stand reserved wafers around edges.
Beat pudding mixes and milk in medium bowl with whisk 2 min. Stir in 1 cup of the remaining COOL WHIP and 3/4 cup coconut; spread over cream cheese layer. Top with remaining COOL WHIP and coconut. Refrigerate 5 hours.