I was making a caramel sauce and needed 3 tablespoons of heavy whipping cream and did not have any so I substituted 6 tablespoons of whipped dessert topping and it worked fine.
Let me get this clear, do you mean Cool Whip or canned Whipped cream, like Reddi Whip?
This is a substitution for Whipping cream that I have picked up from someone, but have never tried it. Thought I would share it with you.
Whipped Carnation Evaporated Milk Topping
Sweeten evaporated milk wth powdered sugar and a touch of vanilla before whipping it into a foamy topping for coca, pie or fresh fruit. A bit of gelatin will give it staying power for a beautiful presentation
1 Cup Carnation Evaporated Milk 1/4 to 1/2 cup powdered sugar 1 teaspoon vanilla extract
Pour evaporated milk into small mixer bowl; place beaters into mixture. Freeze for about 30 minutes or until ice crystals form around edge of bowl.
Beat on hight speed for 1 minute or until very frothy. Gradualy add sugar and vanilla extract; continue beating for 2 minutes until mixture is stiff. Serve immediately spooned over fresh fruit or your favorite dessert.
NOTE for whipped Nestle carnation evaporated milk that holds up to 30 minutes; sprinkle 1 teaspoon gelatin over 2 tablespoons water in small, microwave safe bowl; let stand for 2 minutes. Microwave on high (100%) power for 40 seconds, stir. Let stand for additional 2 minutes or until dissolved. Pour 1 cup Nestle Carnation Evaporated Milk or Evaporated Fat Free Mik and dissolved gelatin into small mixer bowl; follow recipe for Whipped Topping. Serve immediately or cover and refrigerate for up to 30 minutes.
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