Whisk together the condensed milk, and vanilla in a large bowl; set aside.
Whip the cream with a mixer on medium-high speed until firm peaks form, about 2 minutes.
Fold about 1 cup of the whipped cream into the condensed milk mixture until combined, then fold the lightened mixture into the whipped cream until well blended.
Pour into a chilled metal loaf pan, cover with plastic wrap, and freeze.
If you'd like it like soft-serve, freeze for about 2 hours. Continue to freeze, covered, until solid, about 3 hours more.
