Bake angel food cake according to directions on box.
Trim the brown crust off the cake as much as possible.
Slice cake into thin slices.
Whisk 1/2 C whipping cream with 1/4 C malted milk powder in a bowl. Let sit for 5 minutes and then whisk again. It will thicken somewhat.
Lightly spray the 10 inch tube pan with cooking spray.
Press about half of the cake slices into the bottom of the pan.
Drizzle half of the cream mixture over the cake.
Soften ice cream and spoon half of it over the cake. Use an offset spatula to get an even layer.
Repeat with cake, cream and ice cream.
Cover with plastic wrap and place in freezer for 4 hours or up to 5 days.
When ready to serve, remove from pan and invert onto a cake plate.
Beat 1 C whipping cream and 2 Tbsp malted milk powder with a mixer until stiff peaks form.
Frost cake sides and top with mixture.