Using a stand mixer, cream together the sugar and cream cheese until smooth. Mix in watermelon juice, watermelon flavoring and food color; set aside.
Whip heavy cream to stiff peaks; gently fold into the cream cheese mixture. Make crust out of remaining ingredients; press into individual pans or a springform pan. Fill pan cheesecake mixture; freeze 2 hours, then transfer to the refrigerator. Top with watermelon Fresca.