Whip the whipping cream with an electric mixer until stiff peaks form. Set aside.
In a large bowl, combine the condensed milk, vanilla extract and confetti sprinkles. Add a large dollop of whipped cream and mix until well combined. Add the remaining whipped cream and gently fold to combine.
Divide the mixture between 6 bowls and dye them the colors of the rainbow, mixing gently to keep the mixture light and airy.
Dollop the colors into a Ziploc container and seal with a lid. Freeze for 6 hours, or until firm.