Sprinkle gelatin over water in a small, microwave-safe bowl. Let stand for 10 minutes to soften. Microwave on HIGH (100%) power for 1 minute or until dissolved.
Place morsels and sweetened condensed milk in a medium, microwave-safe bowl. Microwave on HIGH (100%) power for 1 minute. Stir until morsels are melted. Gradually stir in gelatin mixture. Stir in liqueur. Pour into serving bowls. Refrigerate for about 1 hour or until firm.