Line the bottom of a 9x13-inch pan with half of the ice cream sandwiches, cutting them to fit as needed.
Spread the jar of caramel topping over top of the ice cream sandwiches. Place in the freezer for 10 minutes.
Arrange the remaining ice cream sandwiches on top of the caramel layer, again cutting as needed to fit the pan. Spread the hot fudge over the ice cream sandwiches. Spread the Cool Whip on top. Place in the freezer until ready to serve.
Serve with chopped peanuts and maraschino cherries. The dessert can be stored in the freezer for up to 1 week.
Notes
Pan Recommendation: If you have a lasagna-style pan or deep 9x13-inch pan, that is perfect for accommodating these layers! If not, a regular 9x13-inch pan will work too, but your top layer will likely be higher than the sides of the pan.
Ice Cream Sandwiches: This recipe features old-fashioned, rectangular sandwiches with vanilla ice cream. Use whatever kind you'd like as long as two layers will fit in your pan.
Can you change up the flavors? Yes, absolutely! As mentioned above, you can use different ice cream and toppings (see the post above for specific suggestions). You can also change up the sauces, too. Maybe you want to do butterscotch sauce,strawberry sauce, peanut butter sauce, or something else entirely! The beauty is all the different flavors and combinations you can use.
Can you substitute homemade whipped cream? Yes! My homemade whipped cream recipe is stable due to the sugar used, so it is a good replacement option and will not break down and get watery in the freezer.
Make-Ahead: Since this is a completely frozen dessert, it’s perfect for making ahead! It will be good in the freezer for up to 1 week but will taste the best if you serve it initially within 1 to 2 days of making it.
Serving Tips: Remove the ice cream cake from the freezer about 20 minutes before you plan to serve it; it will make slicing and serving much easier. To make easy, clean slices, run a sharp knife under hot water, wipe clean, then slice and serve.