Stir boiling water into gelatin in large bowl until completely dissolved. Gradually add frozen whipped topping, stirring with wire whisk until whipped topping is completely melted and mixture is well blended.
Pour into 9x5-inch loaf dish. Refrigerate 2 hours or until set.
Place 24 of the wafers in resealable plastic bag; use a rolling pin to roll over the bag to finely crush the wafers.
Add coconut and food coloring; seal bag and shake gently until crumbs are evenly tinted.
Sprinkle evenly over gelatin. Arrange remaining 14 wafers around edges to resemble a window flower box.
