Unwrap pound cakes; trim crowns off tops of loaves. Carefully slice each loaf in thirds horizontally for total of 6 equal layers.
Spread fudge topping on all the cut slices of cakes, restacking them to form the original 2 cakes. Turn cakes on their sides, sandwiching together the two cut tops; slices will now be vertical instead of horizontal. Refrigerate while preparing icing.
Beat together cream cheese, caramel sauce and confectioners sugar in medium-size bowl until smooth. Fold in whipped topping until no white streaks remain. Spread over the top and sides of cake layers.
Use a spoon to sprinkle peanuts onto bottom edges of cake sides; press gently to stick, if necessary. Cut into thin slices. Serve with additional whipped topping, if desired. Makes 12 servings.