In a medium bowl, whisk together heavy cream and food coloring until light and fluffy.
Gently pour in the Mountain Dew and sweetened condensed milk, whisking until all ingredients are combined.
Cover the bowl and place it in the refrigerator for 1 hour to chill.
Once chilled, pour the mixture into an ice cream maker and churn according to the manufacturer's directions.
When done churning, transfer to a freezer-safe container and freeze for at least 2 hours.
Serve your homemade Mountain Dew Ice Cream with your favorite toppings or enjoy it as is!