2 (10 3/4-oz.) frozen pound cakes, thawed
1 (10-oz.) jar peach preserves, divided
1 quart vanilla ice cream, slightly softened
1 cup heavy cream
1/2 teaspoon vanilla extract
3 tablespoons powdered sugar
1 cup peeled fresh peach slices
Trim brown crusts from pound cakes using a serrated knife. Discard crusts. Cut each cake into 1/2-inch-thick slices. (You will have 18 to 24 slices.) Line bottom and sides of a 9- x 5-inch loaf pan with plastic wrap, allowing a 4-inch overhang on sides. Place 1 tablespoon of the preserves in a microwavable bowl; chill until ready to use. Arrange 6 to 8 cake slices, side by side, to cover bottom of pan in 1 layer (trimming slices, if needed, to fully cover bottom). Spread 2 cups ice cream over cake layer to edges of pan. Spread half of the remaining preserves (about 1/3 cup) evenly over ice cream layer. Repeat process with 6 to 8 remaining cake slices (trimming if needed), and remaining ice cream and preserves. Arrange last 6 to 8 cake slices over preserves layer. Pull plastic wrap overhang up and tightly over cake. Freeze 8 hours. Beat cream and vanilla extract with an electric mixer on high speed until foamy, 30 seconds. Gradually add powdered sugar, beating until stiff peaks form, 1 to 2 minutes. Remove cake from freezer. Holding the plastic wrap overhang, lift cake from pan; invert onto a platter. (Discard plastic wrap.) Spread whipped cream over cake. Melt reserved 1 tablespoon preserves on HIGH until just melted and smooth, 10 to 15 seconds; mash large lumps with a spoon. Gently stir in peach slices to coat. Spoon mixture over cake; serve immediately.