Pour heavy whipping cream in a large mixing bowl and whip on high speed using a hand or stand mixer until peaks form, about 3-4 minutes.
Add in condensed milk and vanilla, and gently stir in until combined.
Stir in cake mix and mix until blend. Gently stir in 3 tablespoons sprinkles.
Pour some of the ice cream mixture into a ice cream container or a freezer safe container with a lid, then add top with some reserved sprinkles. Continue to add alternate adding mixture and sprinkles until all the ice cream mixture is added to the container. Top with sprinkles. Cover and freeze for 4-6 hours, or overnight.