Cut one ice cream sandwich in half. Place one whole and one half sandwich along a short side of an ungreased 13-inch x 9-inch dish. Arrange eight sandwiches in opposite direction in the dish.
Remove lid from fudge topping. Microwave 15-30 seconds to warm; stir. Spread one-half of fudge topping over ice cream sandwiches.
In a food processor, combine peanuts and candy bars. Pulse until chopped. Sprinkle one-half of mixture over fudge layer. Repeat layer of ice cream sandwiches and fudge topping. Spread whipped topping over top of cake. Sprinkle with remaining peanut mixture.
Cover and freeze overnight. Cake may be frozen up to 2 months. Remove cake from freezer at least 20-25 minutes before serving. Cut into squares.