Stir boiling water into gelatin in medium bowl at least 2 minutes until completely dissolved. Mix cold water and ice cubes to make 1 1/4 cups. Add to gelatin, stirring until slightly thickened. Remove any remaining ice. Measure 3/4 cup of the gelatin; pour into parfait glasses. Refrigerate 1 hour or until set but not firm (gelatin should stick to finger when touched and should mound).
Stir whipped topping into remaining gelatin with wire whisk until smooth. Spoon over gelatin in glasses.
Refrigerate 1 hour or until firm.
(listed cooking time is actually refrigeration time).