Blend Hellmann's® or Best Foods® Real Mayonnaise, cream cheese and red food coloring in large bowl with wire whisk until smooth. Stir in marshmallows, fruit cocktail, walnuts and cherries. Fold in whipped cream.
Spoon mixture into 10-cup decorative ring mold or Bundt pan. Freeze 30 minutes or until firm. Unmold onto serving platter.