Heat oven to 350ºF. Place 16 cookies in food processor. Cover and process until finely ground. Add butter; cover and process until mixed. Press in springform pan, 9x3 inches. Bake 8 to 10 minutes or until firm. Cool completely, about 30 minutes.
Wrap outside of springform pan with foil. Spread cherry ice cream over cooled crust. Freeze 30 minutes.
Sprinkle chopped cookies and 1/2 cup of the chocolate chips over cherry ice cream; press slightly. Spread vanilla ice cream over top. Drop fudge sauce over ice cream in small spoonfuls; swirl slightly into ice cream. Sprinkle with remaining 1/2 cup chocolate chips; press slightly. Freeze about 8 hours until firm.
To serve, let stand at room temperature 5 to 10 minutes. Carefully remove side of pan. Cut dessert into wedges. Top each wedge with whipped cream and cherry.