Cut one ice cream sandwich in half. Place one whole and one half sandwich along a short side of a high-sided 9×13-inch casserole dish. Repeat until bottom is covered, alternating the whole and half sandwiches.
Spread with half of the whipped topping. Pour caramel on top. Sprinkle with half of the nuts.
Repeat layers with remaining ice cream sandwiches, whipped topping, and nuts. The pan will be full. Cover and freeze. Will last for up to 2 months. Remove from freezer 20 minutes before serving. Cut into squares.
Variation: May use salted peanuts for nut layers and hot fudge sauce for topping sauce.