Combine dry pudding mix, pineapple, nuts and 1 cup marshmallows in large bowl. Gently stir in 1 tub COOL WHIP.
Add 2 cups of the remaining marshmallows to remaining COOL WHIP in separate bowl; mix lightly.
Layer half of the pudding mixture and marshmallow mixture in large serving bowl; repeat layers. Top with remaining marshmallows and cherries. Refrigerate 1 hour.