Melt butter in a microwave-safe bowl (about 1 minute). Mix with graham cracker crumbs until the texture feels like wet sand.
Press firmly into the bottom and sides of a springform pan. Freeze while making the filling.
Whisk 4 oz whipped cream with 7 oz sweetened condensed milk. Stir in the pink Kool-Aid until smooth. Spread over the frozen crust and return to the freezer.
Repeat with another 4 oz whipped cream, 7 oz condensed milk, and purple Kool-Aid. Mix until even, spread over the pink layer, and freeze again.
Mix the same base with the yellow Kool-Aid. Add a few drops of yellow food dye for brightness if desired. Spread gently over the purple layer and freeze.
Combine the last batch with blue Kool-Aid. Spread as the top layer, smooth it out, and freeze the whole pie for at least 3 hours until firm.
Top with extra whipped cream if you like. Slice with a sharp knife and serve cold.