Mix 8 oz of cool whip with the pudding packet. Fold in vanilla wafers.
Divide this mixture in half. Add the desired amount of red food coloring to one half, and the desired amount of blue to other half.
On a cookie sheet or other flat tray, stack four ice cream sandwiches. Cover with the blue cool whip topping. Be careful not to go too far over the sides of the ice cream sandwiches.
Top with 4 more ice cream sandwiches. Cover these with the red cool whip.
Top with 4 more ice cream sandwiches. Cover this with the container of plain (white) cool whip.
Freeze for at least 2-3 hours before serving.