Nana's Banana Pudding

1 (14 oz) can sweetened condensed milk
1-1/2 cups cold water
1 (3.5 oz) pkg. instant vanilla pudding
2 cups (1 pint) whipped topping
36 vanilla wafers
3 med. bananas, sliced & dipped in lemon juice

*In a large bowl, combine milk and water. Add pudding mix until well blended. Chill 5 minutes. Fold in whipped topping. In a large bowl (or trifle bowl) layer pudding, wafers, and bananas. Chill thoroughly.