In the bowl of a standing mixer (or a mixing bowl with a hand mixer) beat cream cheese and sweetened condensed milk for 2 minutes.
Gently fold in the entire container of Cool Whip.
In an 8 x 8 or 9 x 9 inch pan, spread a layer of the Cool Whip mixture.
Top it with a layer of graham crackers.
Follow with another layer of the Cool Whip Mixture.
Generously drizzle the caramel topping on the Cool Whip layer.
Repeat with graham crackers, Cool Whip Mixture, drizzled caramel until you have reached the top of your pan. Make sure to end with the Cool Whip Mixture.
Sprinkle Heath Milk Chocolate Bits on top of finished icebox cake.
Refrigerate 6 hours. Overnight is best.