In a large mixing bowl, pour in the 2 cups of cold heavy whipping cream. Using an electric mixer or a whisk, beat the cream until soft peaks form. This usually takes about 3-5 minutes with a mixer. You want it fluffy but not overbeaten.
In another bowl, mix together the 14 ounces of sweetened condensed milk and ½ cup of granulated sugar. Stir until the sugar is well incorporated into the condensed milk.
Gently fold the whipped cream into the sweetened condensed milk mixture. Use a spatula and be careful not to deflate the whipped cream; you want to keep it light and airy.
Spoon in the tub of blue frosting and ½ cup of birthday sprinkles. Gently fold them into the mixture until evenly distributed. The blue frosting will give the ice cream a delightful color and flavor.
Transfer the mixture to a freezer-safe container, smoothing the top with a spatula. Cover it tightly with a lid or plastic wrap, and place it in the freezer for at least 4-6 hours, or until fully set.
