In a medium mixing bowl, beat heavy whipping cream on high until stiff peaks form.

Gently fold in sweetened condensed milk and vanilla until uniform.

Separate mixture into 6 separate bowls.

Add three drops of food coloring, one color per bowl, to each bowl and stir well (add more food coloring if you desire a richer color).

Spoon half of three of the colors into the bottom of a loaf pan to create the first layer.

Continue with the next three colors for the second layer.

Repeat to create layers three and four.

Top ice cream off with sprinkles.

Cover with plastic wrap and freeze for about 8 hours or until ice cream is set.