Have ready a 9x5 inch loaf pan. If using the ice cream between cake layers, line two round 8 or 9 inch cake pans with plastic wrap.
Pour condensed milk and flavorings (vanilla and peppermint) in a large mixing bowl.
In a second bowl, whip the cream until thick. Fold the whipped cream into the condensed milk mixture, then pour into the loaf pan OR divide evenly between the cake pans. Cover with plastic wrap and chill for a 6 hours minimum or 12 hour for firmer ice cream.
Notes
If making cake layers, lift the two firm ice cream rounds from their pans and use between layers of a three layer cake. If making a two layer cake, split the layers, and fill with the two ice cream slabs and one layer of frosting (as shown in photo).