Grate the processed cheese using a coarse grater or cut it into small cubes. You want it to be chunky for a nice texture.
In a bowl, whip the cream until it's smooth, fluffy, and almost doubled in size. Pop it in the fridge until you're ready to use it.
In a large bowl, blend together the cream cheese and condensed milk. Use an electric mixer on high speed until the mixture is smooth, light, and fluffy.
Gently fold the whipped cream into the cream cheese mixture using a spatula. Keep folding until everything is well combined.
Optional: Mix in a few drops of yellow food coloring along with the grated cheese
Transfer the mixture into an ice cream tub or rectangular pan. Tap the pan on the counter to remove any air bubbles. Cover the top with plastic wrap, pressing it flat onto the surface of the mixture. Stick it in the freezer for at least 6 hours or overnight.
When it's frozen solid, scoop out the cheese ice cream into serving bowls or cones