In a medium bowl, combine graham cracker crumbs and melted butter. Firmly press into the bottom of a 9×13 inch glass or porcelain dish and chill in the freezer for about 10 minutes.
In another medium bowl, cream together the cream cheese, 1/4 cups butter, and powdered sugar until creamy, about 5 minutes.
Spread the cream cheese mixture over the cooled graham cracker crust.
Add a layer of sliced bananas over the cream cheese mixture.
Spread pineapple chunks evenly over the bananas.
Evenly spread the Cool-Whip over the pineapple-banana layer using a rubber spatula.
Garnish with chopped nuts and maraschino cherries.
Drizzle hot fudge sauce over the dessert and sprinkle the rainbow sprinkles over the surface.
Chill for at least 4 hours before cutting to allow the layers to set.
Enjoy!