Dissolve one package of the cherry gelatin into ¾ cup boiling water. When the powder has dissolved, stir in ½ cup cold water. Carefully divide the gelatin among 6 tall glasses. Refrigerate for 1 hour, or until firm. In a medium bowl, beat together the whipped topping and cream cheese until well-blended. Spoon half of the mixture evenly into the six glasses. Freeze for 30 minutes, or until firm. Repeat the same process with the second box of cherry gelatin. Divide the mixture evenly among the six glasses, pouring it slowly over the white layer. Refrigerate for 1 hour, or until firm. Spoon the remaining whipped topping-cream cheese mixture into the six glasses. Freeze for 30 minutes, or until firm. Repeat the process with the final box of cherry gelatin. Keep refrigerated until ready to serve.
For a quicker preparation, you can make this as a 4-layer dessert, skipping the final layer of gelatin. You can also make it more complex with additional layers and colors.