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Lightly grease a 9x9" square pan.
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Spread 1 cup of the crushed vanilla wafers in pan.
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In a bowl, cream butter until very light and fluffy. Add eggs one at a time, beating well after each. Add vanilla. Slight separation is normal. Spread this over vanilla wafers.
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Sprinkle 3/4 c of the remaining wafers over the top of this layer.
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In another bowl, beat whipping cream until thick. Fold in cherries. Spread this as the next layer.
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Sprinkle remaining wafers over the top. Cut into portions while still in the pan with a knife dipped in water. Garnish each piece with a cherry half.
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Refrigerate at least 4 hours or freeze.