In large bowl, combine sweetened condensed milk and water. Add pudding mix, beat well. Chill 5 minutes. Fold in whipped cream. Spoon 1 cup pudding mixture in 2 1/2 quart glass serving bowl. Top with one-third each of the wafers, bananas, and pudding. Repeat layering twice, ending with pudding. Cover and chill. Garnish as desired. Refrigerate leftovers.
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