Place the softened cream cheese in a medium bowl and beat at medium speed until smooth. Add the peanut butter and sweetened condensed milk, and beat until incorporated. The mixture will be thick.
In a separate bowl, beat the whipping cream just until stiff peaks form, being careful not to over-whip. Fold into the peanut butter mixture as gently as possible until combined.
Pour half of the ice cream mixture into the bottom of a standard loaf pan, followed by half of the crushed Oreos. Repeat with the remaining ice cream and Oreos. Cover the mixture tightly with plastic wrap and cover with foil and freeze for a minimum of 6 hours. Remove from the freezer for 10-15 minutes before serving time as it will be very hard to scoop unless it's softened. Serve with mini Oreos if desired, and enjoy!