With a stand up mixer or hand held mixer, beat together the heavy whipping cream and the vanilla extract until the cream is whipped and can form soft peaks.
Then gently stir the sweetened condensed milk into the whipped cream.
Crumble the red velvet cupcake and gently stir the cake crumbs into the mixture. Be careful not to over mix.
Spread the mixture into a loaf pan. Drop the cream cheese by the tablespoons into the mixture in the pan. Make sure that they are completely covered and gently swirl them into the mixture with a butter knife. Cover and freeze for at least 4 hours until firm.
Serve and enjoy! The ice cream will keep covered in the freezer for up to 1 month.
Notes
I place my mixing bowl and beaters in the freezer for 10-15 minutes before whipping the cream to help whip it quicker. You can easily use a pre-made red velvet cupcake topped with cream cheese frosting. Remove the frosting and crumble up the cupcake and then you can drop the cream cheese frosting into the ice cream instead of the cream cheese in this recipe.