This is my favorite dessert. My Mother-in-Law passed this recipe to me and I have to say it is the best and most creamy Banana Pudding I have ever eaten!
1 (14 oz) can sweetened condensed milk
1 1/2 cup cold water
1 (4 serving) package instant vanilla pudding
2 cups whipping cream, whipped*
36 vanilla wafers
3 medium bananas, sliced (dipped in lemon juice to keep from browning)
In a large bowl combine condensed milk and water. Add pudding mix and beat until well blended. Chill 5 minutes. Fold in whipped cream. Lay Vanilla wafers with the bottom out (see picture). Spoon 1 cup pudding mixture into 2 1/2 quart glass serving bowl.
Top with 1/3 each of the vanilla wafers, bananas and remaining pudding. Repeat layering twice ending with pudding mixture. Chill thoroughly.
Decorate with crumbled vanilla wafers on top.