In a separate mixing bowl combine the condensed milk and vanilla extract. Mix well with a fork or small whisk until the vanilla is fully incorporated. Set aside.
In a large mixing bowl, using an electric hand mixer, whip your cream heavily for 4 minutes or until the cream reaches a fluffy, softened-butter type consistency.
When your cream is fully whipped, fold in your condensed milk mixture.
Mix on light for about a minute or until your mixture is fully combined. It should still be pretty thick.
Pour about ? of your ice cream mixture into a separate mixing bowl. And repeat with another 1/3 of your ice cream mixture. This will give you 3 mixtures, more or less evenly poured.
In one of your mixtures, add 5-7 drops of blue food coloring and mix well using a hand whisk.
If a deeper shade of blue is desired, add 1-2 drops while whisking at a time until desired shade is reached.
In another mixing bowl, repeat this process with the red food coloring.
Using three separate serving spoons, scoop the ice cream into a 9x5” loaf pan. Repeat this, alternating colors, until all three bowls are empty.
Place ice cream inside the freezer to let it freeze for 6 hour or overnight.
When chill time is complete, remove from the freezer and serve ice cream with a waffle cone or bowl.
Add fixings of cherries, whipped cream, sprinkles, chocolate sauce and any other toppings you wish!
ENJOY!