1. Finely crush crackers (should have about 1 3/4 cups crumbs). In small bowl stir together crackers and granulated sugar. Add butter. Toss until combined. Press onto bottom of 13 x 9 x 2-inch dish. Refrigerate until needed.
2. In small saucepan combine chocolate morsels and 3/4 cup cream. Cook and stir over low heat until smooth. Pour over graham layer. Refrigerate until needed.
3. In large mixing bowl beat cream cheese, powdered sugar, peppermint extract and vanilla until fluffy. Beat in food coloring, if desired.
4. Gradually add 1 cup whipping cream to cream cheese mixture, beating on high speed until fluffy. Fold in crushed candies. Spread over chocolate layer. Cover and refrigerate for 2 hours.
5. Cut into squares. Top each square with candy cane, if desired. Store in refrigerator.
*NOTE: Each cracker sheet measures about 5 x 2-inches and is scored into 4 pieces.