In a large bowl, mix the whipped topping with peanut butter. Place half of the ice cream sandwiches into a freezer safe baking dish.
Spread evenly with half of the peanut butter mixture, and half of the hot fudge sauce. Top with the remaining half of ice cream sandwiches, the remaining peanut butter mixture, and remaining hot fudge sauce.
Decorate with the Reese's pieces. Cover and freeze for at least 4 hours.