- 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