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Make the butterscotch sauce. Melt the butter in a small sauce pot. Add the brown sugar, heavy cream and salt. Bring to a boil and then reduce heat to medium. Boil for 3 to 4 minutes. Remove from heat and stir in the vanilla and scotch, if using.
Place 2 tall glasses in the freezer.
To make the ice cream, take the blender jar and add 1/3 cup of the butterscotch sauce (let the rest sit on the counter for later), 1/2 cup of milk (start with less if you like really thick milkshakes), 1 teaspoon vanilla and 1 tablespoon of scotch or whisky (if desired). Place the blender jar in the freezer. Then scoop out 3 cups of the vanilla ice cream and place it in another bowl. Place the ice cream back in the freezer. Freeze both the ice cream and the ingredients in the blender jar for at least 20 to 30 minutes.
While the ice cream freezes make the peanut butter fudge sauce. In a microwave safe bowl add the butter, sweetened condensed milk, peanut butter and chocolate chips. Microwave for 30 seconds, stir and microwave another 30 seconds, stir and if needed microwave another 30 seconds. Once everything is melted and combined together stir in the vanilla. Set aside.
When ready to serve, remove the two glass from the freezer and add the warm hot fudge sauce to the bottom of each glass, then add a drizzle of the butterscotch sauce.
Remove the ice cream and the blender jar from the freezer. Add half of the ice cream to the blender and blend on high until smooth. Add the remaining ice cream and blend until chunky or smooth (your call). Layer the milkshake in the glasses with the butterscotch sauce and the peanut butter fudge sauce. Serve immediately.