In a large bowl whisk together sweetened condensed milk and vanilla extract. Set aside.

In the bowl of a stand mixer, with the whisk attached, whip cream until stiff peaks form. About 3 minutes.

Gently fold one scoop of the whipped cream into the sweetened condensed milk. Once mixed, gently fold in the remaining whipped cream. Mix just until combined, don't over mix.

Spoon 1/3 of ice cream into a 9in x 5 in loaf pan. Drizzle softened caramel over the top. Sprinkle 1/3 of M&Ms on top.

Spoon 1/3 of ice cream on top. Drizzle softened hot fudge over the top and 1/3 of the M&Ms.

Spoon the final 1/3 of ice cream on top. Drizzle with chocolate sauce and sprinkle with remaining M&Ms. Cover and freeze until frozen. About 4 hours. If you would like a firmer ice cream, freeze overnight before serving.