Gather all ingredients.
Combine evaporated milk, ½ cup butter, chocolate chips, and confectioners' sugar in a saucepan over medium heat. Bring to a boil, and cook 8 minutes, stirring constantly. Remove from heat, and stir in vanilla extract. Allow to cool thoroughly.
Mix crushed chocolate sandwich cookies and ½ cup melted butter in a large bowl until combined. Press onto the bottom of a 9x13 inch pan; freeze until firm.
Spread softened ice cream over crust, then freeze until firm.
Spread top with cooled fudge sauce, and sprinkle with peanuts; freeze until firm. Spread with whipped topping, and freeze until firm, or overnight.
