Blend melted butter, graham crackers and sugar together and press into bottom of a 9x13 baking dish.
Place in freezer for 1 hour.
Whisk together pudding mix and milk until it starts to thicken.
Add cream cheese to pudding mixture and beat until well blended.
Fold in 8 oz Cool Whip.
Spread mixture over graham cracker crust and return to freezer for 15 minutes.
Add rows of sliced bananas, crushed pineapple and diced strawberries over cream cheese mixture.
Top with remaining 8 oz of Cool Whip.
Garnish with crush peanuts and cherries and refrigerate until ready to serve.