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 month.
What kind of ice cream sandwiches should you use? Your favorite! Mine are the old-fashioned, rectangular ice cream sandwiches with the soft cakey chocolate outside. As long as two layers will fit in your pan, use whatever kind you'd like. You could even mix up the flavors of the ice cream if available! How fun would a Neapolitan spin be?!
Can you change up the flavors? Yes, absolutely! As mentioned above, you could totally use different types of ice cream. You could 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.
Mix-in/topping ideas - We touched on changing up the ice cream flavors and sauces, but there are so many other options, as well! You can use another type of chopped nuts instead of peanuts and you can add them between layers, too. A few other ideas: crushed Oreos, favorite candies like Reese's Pieces or M&Ms, sprinkles, chopped brownie bits, chopped peanut butter (or almond/cashew butter) cups, chocolate chips, mini marshmallows, graham cracker crumbs, chopped candy bars, and the list goes on and on!
Can you substitute homemade whipped cream? Yes! My homemade whipped cream recipe is pretty stable due to the amount of sugar, 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 month but will taste the best if you serve initially within 1 to 2 days of two of making it.
Tips for serving - Remove the ice cream cake from the freezer about 20 minutes before you plan to serve; 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.
Storage - This cake can be stored in the freezer, covered, for up to 1 month.