Reserve 4 berries for garnish; chop remaining berries.
Place 1 cup chopped berries in medium saucepan; stir in rhubarb, sugar and water. Bring to boil in covered saucepan on high heat; cook on medium-low heat 5 min. or until berries are softened, stirring occasionally.
Pour into bowl; cool to room temperature. Refrigerate 2 hours or until chilled.
Beat pudding mix and milk in large bowl with whisk 2 min.
Add berry mixture; stir 1 min. Stir in COOL WHIP.
Spoon remaining chopped berries into dessert glasses; top with rhubarb mixture. Slice reserved whole berries; place on desserts.