Prepare and bake pie shell. Slice and then mash enough strawberries to measure 1 cup. Mix sugar and cornstarch in 2-quart saucepan. Gradually stir in water, food color, and mashed strawberries. Cook over medium heat, stirring constantly, until mixture thickens and comes to boil. Boil and stir 1 minute; cool.
Beat cream cheese until smooth. Spread evenly in bottom of pie shell. Fill shell with remaining strawberries cut into 1-inch pieces. Pour cooked strawberry mixture over top. Refrigerate about 3 hours or until set. Garnish with whipped cream and serve.