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Poke holes all over the cake using the bottom of a wooden mixing spoon.
Pour the caramel sauce over the cake, aiming for the holes. Reserve some sauce for drizzling over the top if desired.
Using an electric mixer, whisk the cream cheese and sugar until smooth. Mix in the Cool Whip, ensuring to scrape all the cream cheese from the bottom of the bowl and thoroughly mix.
Spread the Cool Whip mixture over the top of the cake. Top with crushed walnuts and additional caramel drizzle.
Chill for at least 3 hours before cutting and serving.
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