In a large bowl, combine the sweetened condensed milk and water. Add pudding mix, beating until well blended. Refrigerate for 5 minutes.
Remove pudding mixture, folding in already whipped whipping cream. Spoon 1 cup pudding mixture into a 2 1/2 quart glass serving bowl.
Top with one-third EACH of the vanilla wafers, drained pineapple chunks and pudding mix. Repeat layering twice, ending with the pudding mixture on top. Chill thoroughly. Store leftovers covered in the refrigerator.
TIP: For a festive individual pudding dessert for holiday guests, prepare mixture and layers in individual dessert dishes or cups with stems. Serve chilled.