Chill a metal bowl and the beaters for a hand mixer in the freezer for about ten minutes. Remove the bowl and add the heavy whipping cream.
Beat the cream on high for two to three minutes or until stiff peaks form. Once the cream is whipped, place it in the refrigerator until ready to use.
In a separate bowl, add the cream cheese and vanilla extract. Then, using a hand mixer, beat them together until they are smooth and combined.
Next, add the powdered sugar gradually, beating well after each addition until well combined.
After adding all the powdered sugar, gently fold in the reserved whipped cream with a rubber spatula.
Next, fold in holiday sprinkles, reserving about a teaspoon for topping the dip before serving.
Allow to chill covered for at least two hours before serving.
To serve, transfer to a bowl or festive pie plate, top with the reserved sprinkles, and serve with cookies, pretzels, etc., for dipping.
Yield 4 cups