Daiquiri Pie

8 ounces cream cheese
1 can sweetened condensed milk
1 (6 ounce) can frozen limeade, thawed and undiluted
1/4 cup light rum
Green food coloring
1 3/4 cups frozen whipped topping, thawed and divided
1 baked 9-inch pastry shell

Beat softened cream cheese in a large mixing bowl at high speed with electric mixer until light and fluffy. Add sweetened condensed milk and limeade concentrate; beat at medium speed until smooth. Stir in rum and desired amount of food coloring. Fold in 1 cup whipped topping. Spoon filling into pastry shell and chill. Spread remaining 3/4 cup whipped topping over pie.