Place 4 ice cream sandwiches on a serving dish or a piece of foil.
Spread 1/2 cup peanut butter over the top.
Spread 1/4 cup jam over peanut butter.
Layer 4 more ice cream sandwiches on top and repeat peanut butter and jelly layers.
End with a final layer of 4 ice cream sandwiches.
Frost with Cool Whip.
Store in the freezer.