In a medium sized bowl, add the condensed milk and vanilla extract. Stir the two together until combined. Sit aside.
In a large bowl, add the whipped cream. Using a hand mixer, mix the cream on medium-high speed until it turns into a thick whipped cream.
Once the whipped cream is made, transfer the whipped cream to a bowl with the milk/vanilla mixture. Slowly fold in the whipped cream until combined.
In a rectangular baking dish, add a layer of vanilla whipped cream. Next add 1/3 crumbled graham crackers and peaches. Repeat the process two more times.
Once the ice cream is layered, put it in the freezer for 4-5 hours until it hardens. After setting, serve it up and enjoy!
