Begin by pouring the cold heavy whipping cream into a mixing bowl. Using a whisk, whip the cream until it forms soft peaks. This process usually takes about 3-5 minutes.
In a separate bowl, combine the sweetened condensed milk and granulated sugar. Mix until the sugar is fully dissolved.
Gently fold the whipped cream into the sweetened condensed milk mixture using a rubber spatula.
Once the mixtures are combined, add in the blue frosting and birthday sprinkles. Fold them into the ice cream mixture until they're evenly distributed.
Transfer the ice cream mixture into a freezer-safe container. Smooth the top with a spatula, and seal it tightly. Place it in the freezer for at least 6 hours or overnight for the best results.