Start by whipping the heavy cream. In a large mixing bowl, combine the heavy whipping cream, powdered sugar, and vanilla extract. Using an electric mixer or a whisk, beat the mixture until stiff peaks form. This may take about 3-5 minutes with an electric mixer.

In another bowl, beat the softened cream cheese with the sweetened condensed milk until smooth. You can also add a tablespoon of lemon juice here if you want a slight tang. Blend until fully combined and smooth.

Gently fold the whipped cream into the cream cheese mixture until everything is well incorporated. The goal is to maintain the light and airy texture of the whipped cream, so be gentle.

In your 9x13-inch baking dish, start layering the vanilla wafers. Place a layer of wafers at the bottom of the dish, covering it completely. Then, spread a layer of the creamy filling over the wafers. Repeat the process until you run out of wafers and filling. End with a layer of the creamy mixture on top.

Once you’ve assembled the cake, cover it with plastic wrap and refrigerate for at least 4-6 hours, or overnight if possible. The longer it sits, the more the flavors meld together, and the wafers soften, creating a cake-like texture.

Once chilled and set, slice your Vanilla Wafer Icebox Cake into squares and serve. It’s best enjoyed cold!