Cut one ice cream sandwich in half. Place one whole and one half sandwich along a short side of an ungreased 13-in. x 9-in. pan. Arrange eight sandwiches in opposite direction in the pan. Spread with half of the whipped topping. Spoon fudge topping by teaspoonfuls onto whipped topping. Sprinkle with 1/2 cup peanuts. Repeat layers with remaining ice cream sandwiches, whipped topping and peanuts (pan will be full).
Cover and freeze for up to 2 months. Remove from the freezer 20 minutes before serving. Cut into squares. Yield: 15 servings.