Make the Crust: Mix graham cracker crumbs and melted butter until combined. Press into the bottom of a springform pan and set aside.
Prepare the Layers: In separate bowls, mix equal portions of whipped topping and sweetened condensed milk with different Kool-Aid flavors, creating colorful mixtures.
Layer the Pie: Pour the first layer over the crust and freeze for 15 minutes before adding the next layer. Repeat for all colors, freezing between each.
Chill & Serve: Freeze the pie for at least 4 hours until set. Remove, slice, and enjoy!