Preheat oven to 325°F. Beat cream cheese and sugar in large bowl with electric mixer on medium speed until light and fluffy. Add egg, extracts and food color; mix well.
Line 8 muffin cups with paper baking cups. Place a wafer in bottom of each muffin cup. Spoon batter into each cup, filling each 1/2 full.
Bake 20 minutes or until edges are lightly browned. Cool in pan on wire rack.
Refrigerate 4 hours to overnight.