In a small bowl, combine the water and Kool-Aid mix until dissolved. Stir in strawberry topping. In a bowl, beat the cream cheese, confectioners' sugar, vanilla and strawberry mixture until fluffy. Fold in whipped cream. Spread into crust. Chill for at least 1 hour or until set.
Drizzle hot fudge topping onto dessert plates; top with a piece of pie. Refrigerate leftovers.