Cut gum balls in half and set aside.
Whip heavy cream and food coloring until stiff peaks form.
Beat in condensed milk until color is uniform. Add additional food coloring if needed.
Spread 1/3 of mixture in loaf pan.
Distribute 1/3 of gum ball pieces on top.
Spread another 1/3 of mixture in loaf pan.
Distribute another 1/3 of gum ball pieces on top.
Spread remaining mixture in loaf pan.
Distribute remaining gum ball pieces on top.
Place in freezer for at least 5 hours.