1. Drain cherries, reserving 1/3 cup juice (save remaining juice for another use). Cut cherries in half; set aside.
2. In a bowl, beat cream cheese and reserved cherry juice until smooth. Fold in whipped cream. Fold in cherries, pineapple, fruit cocktail, peaches, bananas and marshmallows. Transfer to a serving bowl. Refrigerate for at least 1 hour. Yield: 18-22 servings.