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Spray an 8- or 10-cup gelatin mold or Bundt pan with nonstick spray.
Combine gelatin and cold water in a small bowl; let sit for 5 minutes.
Combine sugar and boiling water in a separate small bowl; let cool.
Meanwhile, combine vanilla and heavy cream in a large bowl and beat with an electric mixer until medium peaks form.
When sugar mixture is fully cooled, mix into gelatin.
Add sugar-gelatin mixture to bowl with whipped cream and gently fold in.
Add almonds, macaroons, marshmallows, and fruit cocktail, and gently fold in.
Pour mixture into a prepared mold or Bundt pan and refrigerate for 4 hours to overnight.
When ready to serve, fill a large bowl with hot (but not boiling) water.
Hold the bottom of the pan in the water for 5-10 seconds.
Place a plate on top of the pan and carefully flip.
Decorate with sugar wafers (crushed or whole) as desired.