In a large mixing bowl whisk the sweetened condensed milk and vanilla together. Set aside.
In the bowl of a stand mixer, whip the heavy whipping cream until stiff peaks form. Be careful to not over whip.
Using a spatula, gently fold the whipped cream into the milk/vanilla mixture. The mixture should remain fluffy!
Gently fold in the sprinkles and transfer the ice cream to a loaf pan.
Freeze for 6-8 hours until hard, or overnight.