Place yellow candies in the bottom of 16 dessert glasses.
Place a scoop (about 1/4 cup) of pistachio ice cream in the bottom of each glass, followed by a scoop of vanilla, peach, strawberry, and black cherry.
Drizzle with caramel or fudge sauce, add a dollop of whipped cream, and top each with a maraschino cherry. Sprinkle with walnuts if desired. Freeze until ready to serve.
Note: Let ice cream sit at room temperature for 5 minutes before scooping. You can also make this dessert with sorbets for more vibrant colors.
Makes 16 servings.