In a large bowl, beat the heavy whipping cream, powdered sugar, and vanilla extract until stiff peaks form. This ensures a light and airy texture. Set aside.

In another bowl, beat the softened cream cheese until smooth. Add the sweetened condensed milk and mix until fully combined. This will be the rich and creamy base of your cake.

Gently fold the whipped cream mixture into the cream cheese mixture to maintain its fluffiness. Stir in 1 cup of rainbow sprinkles for a festive touch. Be careful not to overmix, as you want to keep as much air in the mixture as possible.

Dip each Oreo cookie into milk for about a second—just enough to soften but not make them soggy. Place a layer of Oreos in a 9×9-inch dish. This step helps the cookies absorb moisture, creating that soft, cake-like texture once chilled.

Spread a generous layer of the cream mixture over the Oreos. Repeat the layering process until all ingredients are used, finishing with a thick layer of cream on top. Aim for at least three layers for the best texture and flavor.

Sprinkle the remaining rainbow sprinkles on top for extra color and crunch. Cover the dish and refrigerate for at least 4 hours or, ideally, overnight for the best flavor and texture. The longer it chills, the better the flavors will meld together.