Combine condensed milk and vanilla extract in a medium bowl. Stir to combine.
Pour heavy cream into a large bowl. With an electric mixer, beat until stiff peaks form.
Add a dollop of whipped cream to milk more and stir in to soften. This makes it easier to fold in the rest of the whipped cream.
Pour condensed milk mixture into bowl with whipped cream. Gently fold in whipped cream until combined.
Pour a thin layer of mixture into a loaf pan.
Alternate dollops of ice cream mixture with oatmeal cake pieces and dollops of caramel topping. No need to heat the topping. Just spoon in some here and there.
When all the ingredients are in the loaf pan, place wax paper or plastic wrap directly on the surface to present ice crystal formation.
Freeze for 6 hours or until firm.
To serve, heat caramel topping according to directions on jar. Drizzle over individual servings of ice cream.