Add whipping cream and vanilla to a mixer and whisk on high speed until stiff peaks form, about 2-3 minutes. Add sweetened condensed milk and continue to whisk for one more minute, scraping down sides of the bowl halfway through the mixing.

Divide mixture into separate bowls. Use a larger bowl to make more black ice cream (than the other colors) and three smaller bowls for violet, pink, and blue. Add food coloring to each bowl and mix well.

Place dollops of mixture into a loaf pan. Tamp the dish and smooth the top with the back of a spoon. Add sprinkles to the top of the ice cream. Freeze for 4-6 hours or overnight.

Serve in sundae dishes topped with sprinkles.