Drain fruit cocktail, reserving 1 cup of juice. In a saucepan, prepare pudding according to package directions, using 2 cups milk and 1 cup reserved juice. Remove from heat and stir in the drained fruit cocktail. Pour into baked pie crust and let set at room temperature until cooled. then place in refrigerator until serving time.
Place glass bowl and mixing beaters in freezer. Just before serving, whip up the heavy cream in the frozen bowl. do not add sugar, and do not over whip. Spoon on top of pie and serve.