In a large mixing bowl, beat together condensed milk, lemon juice and whipped topping. Mix until smooth and add red food coloring until desired color is reached.
In another bowl, combine pineapple, oranges, cranberry sauce, marshmallows and nuts. Mix until well blended. Add to whipped topping mixture. Turn into glass bowl. Sprinkle coconut evenly over surface. If desired, add fresh cranberries and extra marshmallows for garnish.
Refrigeratefor one hour or until served.
Recipe can be made up to six weeks ahead by freezing incovered container, then thawing in refrigerator before serving.
