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Mash 2 cups raspberries to measure 1 cup; place in a saucepan.
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Add sugar, cornstarch and water.
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Bring to a boil, stirring constantly; cook and stir 2 minutes longer.
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Strain to remove seeds if desired.
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Cool to room temperature, about 20 minutes.
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Meanwhile, for filling, beat cream cheese, whipped topping and confectioners sugar in a mixing bowl.
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Spread on graham crust.
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Top with remaining raspberries.
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Pour cooled raspberry sauce over the top.
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Refrigerate until set, about 3 hours.
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Store in refrigerator.