MIX spinach, parsley, water, onions and tarragon in small saucepan. Bring to boil on medium-high heat. Reduce heat to low; cover. Simmer 1 min.; drain.
PLACE spinach mixture in blender or food processor. Add remaining ingredients; cover. Blend until smooth. Place in serving bowl; cover.
REFRIGERATE several hours or overnight. Serve with assorted cut-up fresh vegetable dippers.
RECIPE COURTESY OF KRAFT FOODS