In large bowl, combine flavored and unflavored gelatin; add boiling water and stir until gelatin is dissolved (liquid will appear clear). In second large bowl, beat cream cheese with electric mixer until smooth. Gradually beat in gelatin mixture; continue beating until smooth. Stir in cold water. Chill until slightly thickened. Fold in whipped topping. Pour into pan sprayed with vegetable pan spray. Refrigerate overnight. To unmold, dip pan in warm water for 10 seconds; invert onto serving platter.