Place a metal or glass (check that is it ok to freeze) loaf pan in the freezer.
In the bowl of your mixer add the heavy cream and the vanilla. Mix on high until stiff peaks form.
Add the sweetened condensed milk to the whipped cream and gently fold it together.
Separate the ice cream mixture into four bowl and use food coloring to color each bowl one of your mermaid colors. Stir the food coloring in until it is thoroughly mixed.
Get the loaf pan from the freezer and add the colored ice cream mixture to the bowl a few scoops at a time alternating colors and layering them on top of one another.
When all of the ice cream mixture is in the loaf pan take a knife and drag it through the mixture 2 or 3 times.
Top with your sprinkles.
Cover the loaf pan with plastic wrap and freeze for 5-6 hours.