In a stand mixer, blend 8 ounces of softened cream cheese and two boxes of instant banana pudding mix on high speed until completely smooth, about 2-3 minutes.

Next, incorporate 10 ounces of Cool Whip and 2 cups of milk into the cream mixture. Mix on medium speed until thickened and well-combined, approximately 2-3 minutes.

Spread a layer of remaining Cool Whip evenly across the bottom of a 9x13-inch baking dish, then line the base with graham crackers.

Pour one-third of the prepared pudding mixture over the graham crackers, repeating layers until you have three total layers.

Sprinkle a generous layer of mixed nuts ice cream topping over the final pudding layer.

Cover the baking dish tightly with plastic wrap and place it in the freezer for at least 4 hours.

Once set, pipe store-bought vanilla icing decoratively on top, garnishing with maraschino cherries and rainbow sprinkles.

Heat half a container of chocolate icing in the microwave for 30 seconds, then drizzle it generously over the cake.

Slice the cake into squares and serve chilled, ideally with a scoop of vanilla ice cream.