In medium bowl, combine cracker crumbs, 1/4 cup sugar, and the melted butter. Press firmly on bottom and up sides of pie plate. Bake for 7 minutes in a 350 degree oven and let cool completely.
In a medium bowl, add chilled, sweetened condensed milk and Cool Whip and fold gently. Add frozen lemonade and continue to gently fold. Do not let the mixture become soupy. Pour mixture into the pie crust and freeze overnight. Garnish with candied lemon peel if desired.
NOTE: I use a large, 10 slice, ready made graham cracker crust instead of making my own! I also have a hard time finding the 6 oz. size can of frozen lemonade, so I just buy a 12 oz. and use half!