In a large bowl combine the softened cream cheese, sweetened condensed milk, and the caramel sauce. Use a hand mixer on high to whisk everything together until well combined.
Gently fold the Cool Whip into the cream cheese mixture.
Spread the cream cheese mixture in an 11x7 inch dish.
Top with caramel dip and chopped nuts.
Cover with plastic wrap and store in the refrigerator until ready to serve.