Mix graham crumbs and butter until well blended; press onto bottom of 13x9-inch pan. Bake 5 min.
Beat cream cheese and sugar with mixer until well blended. Add sour cream and milk; mix well. Blend in dry pudding mix. Add eggs, 1 at a time, mixing on low speed after each just until blended. Spread over crust.
Bake 30 min. or until center is almost set. Run knife around edge to loosen from pan; cool.
Microwave COOL WHIP and chopped chocolate on HIGH 1-1/2 min. or until chocolate is melted, stirring after 1 min. Cool 15 min. Meanwhile, melt white chocolate as directed on package.
Spread COOL WHIP mixture over cheesecake; top with cherries and nuts. Drizzle with melted white chocolate. Refrigerate 1 hour.