Combine sweetened condensed milk and water in a large mixing bowl. Add pudding mix and beat on medium speed for 3 minutes. Refrigerate pudding mixture for 15 minutes.
Meanwhile, whip heavy cream to stiff peaks. Fold whipped cream into chilled pudding mixture until combined.
Select a large (3-quart) decorative glass bowl. Spread 1/2 cup of pudding around the bottom of the bowl and top with one-third of the vanilla wafers, followed by one-third of the bananas and one-third of the remaining pudding.
Continue layers, finishing with pudding on top. Sprinkle with crushed vanilla wafer crumbs. Chill at least 4 hours before serving.
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