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 into 2 1/2 quart glass serving bowl. Top with 1/3 each of vanilla wafers, bananas and pudding. repeat layering twice, ending with pudding. Chill thoroughly. Garnish as desired.