Preheat the oven to 250 degrees F and prepare a cookie sheet with a cooling rack on top.
In a large bowl, add the cake mix and prepare the batter according to the package instructions.
Spray the waffle iron with nonstick spray. Pour about 1 cup batter into the preheated waffle iron and cook the waffle according to the waffle maker's instructions. As each waffle is cooked, place it onto the prepared rack in the oven to keep warm.
When you're ready to serve the waffles, remove from the oven and place 1 onto a warmed plate. Top with 2 scoops ice cream, some bananas, drizzle with the caramel sauce and top with the walnuts and whipped cream. Repeat with remaining ingredients.