In a medium bowl cream together cream cheese and sugar with a hand mixer. Add vanilla and mix until well blended (2-3 minutes). Set aside.
In a separate small bowl, add jello and boiling water. Mix until sugar dissolves. Add cold water and chill it in the refrigerator while you prepare the rest, but do not let the gelatin set.
To a stand mixer, add the chilled bowl and whisk attachment. Add the evaporated milk and mix until peaks form. Add jello mixture and continue to whisk for 30 more seconds.
Add cream cheese mixture and whisk for 30 more seconds.
Pour mixture into the pan. Place in the refrigerator to chill overnight.
When ready to serve, top with whipped cream.