Bake pie crust according to package (or recipe) directions. Cool completely.
In a large mixing bowl, beat cream cheese with 0.5 cup of dulce de leche and powdered sugar. Set aside.
In a clean and COLD mixing bowl, beat heavy cream with granulated sugar for a couple minutes until stiff peaks form. Remove about 0.5 cup of the whipped cream and reserve it for the garnish.
To the remainder of the whipped cream, fold in the caramel cream cheese mixture until fully blended. With the remaining dulce de leche, reserve about 1-2 Tablespoons for garnish.
Spread the remainder of the dulce de leche in the bottom of your cooled pie crust. Top with caramel cream mixture. Top with reserved whipped cream. Melt the remaining 1-2 Tablespoons of dulce de leche in microwave and drizzle over pie. Refrigerate pie for 4 hours or overnight.