In a saucepan over medium heat, combine evaporated milk, 1/2 cup butter, chocolate chips, and confectioners' sugar. Bring to a boil, and cook 8 minutes, stirring constantly. Remove from heat, and stir in vanilla extract. Allow to cool thoroughly.
In a large bowl, mix together crushed chocolate sandwich cookies and 1/2 cup melted butter. Press onto the bottom of a 9x13 inch pan; freeze until firm. Spread softened ice cream over crust, then freeze until firm. Spread top with cooled fudge sauce, and sprinkle with peanuts; freeze until firm. Spread with whipped topping, and freeze until firm, or overnight.