Place vanilla wafers into a blender or food processor and blend until coarse crumbs, set aside.
In a large mixing bowl, beat pudding mixes and milk with an electric mixer for 2 minutes until thickened.
In a smaller bowl, beat together (no need to clean off beaters) cream cheese and powdered sugar.
Add in half of the container of Cool Whip, beat until combined. Add cream cheese mixture into pudding mixture and beat until smooth.
To assemble desserts, layer 2 tablespoons crushed vanilla wafers and 1/3 cup pudding mixture into each mini beach pail (or layer into a medium-sized beach sand bucket), repeating layers until almost to the top.
Divide remaining Cool Whip among beach pails, spreading out to edges of pail. Top with another 1-2 tablespoons of crushed vanilla wafers.
Decorate each with a Swedish Fish candy and an umbrella toothpick. Refrigerate until ready to serve.