Fold a 12-inch piece of wax paper in half lengthwise. Coat an 8-inch loaf pan with cooking spray. Place wax paper lengthwise in loaf pan, leaving excess to extend over long sides of pan. Set aside.
Beat 1 1/4 cups ice cream at high speed of a mixer 10 seconds or until smooth and softened. Spread ice cream in prepared pan. Freeze 20 minutes.
Cut 2 slices horizontally from bottom of pound cake, each 2/3 inch thick. Reserve remaining pound cake for another use. Place 1 layer of cake in pan on top of ice cream. Spread 1/4 cup fudge topping on cake layer in pan.
Repeat procedure with remaining ice cream, cake layer, and fudge topping, ending with ice cream.
Cover surface of ice cream with plastic wrap; cover loaf pan with foil. Freeze 8 hours.
Let stand 5 minutes before serving. Invert onto serving platter, and remove wax paper. Cut into 3/4-inch slices. Serve immediately.
NOTE: Before inverting the ice cream cake, dip a thin spatula or knife into hot water. Dry the spatula completely and run it around the edges of the pan to loosen the frozen cake. Use the excess wax paper for leverage when pulling the loaf out of the pan.