Put a freezer-safe glass or metal loaf pan in the freezer
Put heavy cream and vanilla extract in the bowl of a stand mixer. Beat on high speed until stiff peaks form. Gently mix in condensed milk
Divide mixture among 5 bowls. Add one color of food coloring to each bowl. Stir until food coloring is thoroughly mixed in
Remove pan from the freezer. Add the colored mixtures a few scoops at a time, layering colors over each other, until loaf pan is full. Drag a butter knife through the entire mixture 2 to 3 times to swirl colors together. Top with sprinkles
Cover the loaf pan with plastic wrap and freeze until ice cream is firm, 5 to 6 hours
