Preheat oven to 350 degrees and line a 9x13 baking dish with foil with edges hanging over.
In a large bowl, whisk flour, sugar, cocoa powder, baking soda, baking powder, and salt together.
In a medium bowl, beat eggs, milk, oil, and vanilla together until combined.
Add boiling water to wet ingredients and stir.
Pour wet ingredients into dry ingredients and use an electric mixer on medium speed to mix until combined.
Pour into prepared baking dish and bake for 35-40 minutes or until toothpick inserted in center comes out clean.
Remove from oven and let cool completely.
Grab both sides of foil and carefully pick up cake out of baking dish and place on a hard surface.
Slice cake in half lengthwise.
Carefully remove top layer then add bottom with foil back into baking dish.
Remove ice cream from freezer and slice into ¾ -1 inch thick pieces.
Place ice cream evenly over bottom piece of cake and fill in any bare spots so the whole cake is covered with ice cream.
Place the top layer of cake back on top of the ice cream.
Cover with plastic wrap or aluminum foil and place in the fridge until ready to serve.
When ready to serve, remove from freezer and cut into desired sizes.
Pour hot fudge sauce over the slices of cake, top with whipped cream and a cherry.