In a 9x13-inch pan, place 12 of the ice cream sandwiches face down in a single layer. If they don’t quite fit, cut sandwiches as needed.
Scoop half of the Cool Whip onto the ice cream sandwich layer and spread out evenly. An offset spatula works well for this, but the back of a large wooden spoon will work too.
Drizzle hot fudge sauce and caramel sauce over the Cool Whip. You may need to warm it up for a few seconds, just enough to soften it up to drizzle, but it should not be hot or it will melt the Cool Whip.
Add the remaining 12 ice cream sandwiches in a single layer, then drizzle on more hot fudge and caramel sauce.
Scoop the rest of the Cool Whip on top of the cake and spread out evenly.
Cover the cake with plastic wrap and freeze for at least 3 hours until completely firm.
Remove from the freezer and uncover about 15 minutes prior to serving.
Drizzle more hot fudge and caramel sauce over top of the cake, then sprinkle with M&Ms (or your toppings of choice).
If it’s hard to cut, run a knife blade under hot water with each attempt until all servings have been plated.
Leftovers should be covered and placed back in the freezer immediately.