Mix all ingredients in a blender, or in a bowl with an immersion blender, until smooth.
Ice Cream Base
Whip the heavy cream in a large bowl with a hand mixer until stiff peaks form.
Add the 1 teaspoon vanilla extract to the sweetened condensed milk mixture.
Add one scoop of the whipped cream to the bowl of condensed milk and mix it in. Then gently fold the rest of the whipped cream into the now lightened condensed milk. Fold in the remaining whipped cream into the mixture. Do not over mix.
Pour half of the whipped cream/condensed milk mixture into an 8” loaf pan. Drizzle with caramel and chocolate sauces. Top with remaining whipped cream/condensed milk.
Use a butter knife to incorporate the caramel and chocolate sauces throughout the ice cream by pressing it down into the mixture and making sweeping “cuts” back and forth across the entire length of the pan.
Cover with wax paper and press down to remove any air pockets. Place in freezer for a minimum of 6 hours, but preferably overnight.