In a large bowl, whisk milk and pudding mix for 2 minutes. Let stand for 15 minutes; fold in condensed milk. Set aside 1 tablespoon whipped topping and 2 tablespoons wafer crumbs. Fold remaining whipped topping into pudding.
In a 3-qt. serving bowl, layer a third of the strawberries, wafer crumbs and pudding mixture. Repeat layers twice. Sprinkle with reserved wafer crumbs; top with reserved whipped topping. Refrigerate until serving.