Let the ice cream sit at room temperature for a few minutes to soften. Line a loaf pan with plastic wrap so that it hangs over the edges.
Using a serrated knife, slice the pound cake horizontally into thirds. Place the top layer of the cake in the bottom of the pan cut-side up. Spread half of the ice cream on top, cover with the banana slices and sprinkle with half of the peanuts. Top with the middle layer of cake. Repeat with the remaining ice cream, followed by the strawberries and remaining peanuts. Top with the bottom layer of cake. Wrap tightly with plastic. Freeze at least 6 hours and up to overnight.
Remove the cake from the freezer 15 minutes before serving. Turn the cake out of the pan, remove the plastic wrap and use a serrated knife to cut into slices. Serve drizzled with hot fudge and topped with a dollop of whipped cream and a cherry.
Recipe courtesy of Katie Lee