Place the heavy cream, sugar, and vanilla in the bowl of a stand mixer fitted with the balloon whisk. Turn to medium high and whip the cream until soft peaks form, about 10 minutes. Mix the whip cream frosting until it is stiff enough to spread.
To create pink colored frosting, add 2-3 drops of red food coloring to about 2 cups of whipped cream. Mix well with a spoon until color is uniform throughout.
To create peach colored frosting, add 6 drops of red and 8 drops of yellow food coloring to about 2 cups of whipped cream. Mix well with a spoon until color is uniform throughout.