Use a hand-held mixer to beat the cream cheese, extracts and sugar in a large bowl until smooth and creamy.
Beat in the Cool Whip and food coloring just until mixed in.
Place white chocolate chips in a microwave-safe bowl. Microwave for 30 seconds. Stir. Microwave for another 20 to 30 seconds. They should be completely melted.
Quickly mix the melted white chocolate into the filling along with the crushed candy canes.
Transfer filling to oreo crust, smoothing the top with a spatula. Cover and refrigerate for 2 hours.
Serve with Cool Whip or whipped cream.
Notes
If you are in a hurry, you can freeze the pie for 30 minutes to get it to set up.