In a large bowl, combine the wafer crumbs, sugar and butter; set aside 1/4 cup. Press the remaining crumb mixture into a 13-in. x 9-in. dish. Cover and freeze 15 minutes.
Place hot fudge topping in a microwave-safe bowl; cover and microwave on high for 15-20 seconds. Spread over crust.
Spoon ice cream over fudge layer. Place spoonfuls of sherbet over ice cream; cut through sherbet with a knife to swirl. Top with raspberries. Spread with whipped topping; sprinkle with reserved crumb mixture.
Cover and freeze for 2-3 hours or overnight. Remove from the freezer 15 minutes before serving.