Place water in a saucepan over high heat until boiling. Remove from heat and whisk in gelatin and stir 2 minutes or until completely dissolved. Let it cool 10 to 20 minutes.
With a handheld mixer, combine orange sherbet, 1 cup whipped topping, orange juice and orange gelatin mixture in a large bowl.
Fill pie crust with a layer of the orange mixture, filling it about 1/3 of the way up the crust. Reserve the rest of the mixture for the top layer. Place pie in the freezer and reserved mixture in refrigerator for 10 minutes.
Meanwhile mix vanilla ice cream and the remaining 1 cup of whipped topping with a handheld mixer.
After the orange layer in the pie crust has had a chance to set up in the freezer, add the vanilla layer, going another third of the way up the crust. Place in the freezer for 10 minutes.
After the second layer has set, add the final layer of orange mixture, going the rest of the way up the crust. Place pie in the freezer to set, about an hour.