Melt the chocolate in a small bowl. Heat the chocolate in the microwave on high for 30-second. Stir and continue heating in 15-second intervals, stirring each time, until smooth. Set the melted chocolate aside to cool.
While the chocolate is cooling, make the whipped cream. Beat 1 cup of heavy whipping cream until peaks hold and it is whipped cream. Use a chilled bowl and chilled whisk attachment for the best results.
Mix together 7 ounces (half a can) of sweetened condensed milk, the cooled melted chocolate, and the vanilla.
Add 2 tablespoons of whipping cream to thin the mixture.
Gently fold chocolate mixture into the whipped cream.
Spread into a pan, cover, and place in freezer for 8 hours.