Heat oven to 450°F. Bake and cool pie crust in 9-inch pie plate as directed on box for One-Crust Baked Shell.
In large bowl, beat cream with electric mixer on low speed, gradually increasing speed until cream begins to thicken. Add sugar and vanilla. Beat until cream holds its shape. Transfer to another bowl; set aside.
In same large bowl, beat cream cheese until smooth. Add lemonade, beating until well mixed. Add food color to desired color.
Fold half of the whipped cream mixture gently into the cream cheese mixture. Spread in pie crust. Top with remaining whipped cream.
Refrigerate 2 hours before serving.