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Step 1
In large bowl, combine sweetened condensed milk and water. Add pudding mix; beat until well blended. Chill 5 minutes.
Step 2
Fold in whipped cream. Spoon 1 cup pudding mixture into 2 1/2-quart glass serving bowl.
Step 3
Top with one-third each of the vanilla wafers, bananas and remaining pudding. Repeat layering twice, ending with pudding mixture. Chill thoroughly. Garnish as desired. Store leftovers covered in refrigerator.