Lightly spray a 9x13 baking dish with cooking spray and gently blot away excess oil.

Line up 5 small bowls.

In the first small bowl, combine 1 box cherry jello, one package unflavored gelatin and one cup boiling water. Stir until dissolved and set aside to cool.

In the second small bowl, combine 1 box cherry jello, one package unflavored gelatin and one cup boiling water. Stir until dissolved and set aside to cool.

In the third small bowl, combine 1 box lime jello, one package unflavored gelatin and one cup boiling water. Stir until dissolved and set aside to cool.

In the fourth small bowl, combine 1 box lime jello, one package unflavored gelatin and one cup boiling water. Stir until dissolved and set aside to cool.

In the fifth small bowl, combine the sweetened condensed milk and one cup boiling water.

Mix 2 packages of unflavored gelatin into ¼ cup cold water, then pour into the sweetened condensed milk mixture.

Wait until the jello mixes have cooled off slightly before proceeding.

Pour one bowl of the lime jello into the baking dish. Place in the freezer for about 5 minutes, or until the gel is set.

Slowly pour a thin layer of the sweetened condensed milk mixture over the lime jello, and return to the freezer. (The sweetened condensed milk layers will take slightly longer than the plain jello.) Keep in the freezer until it is set.

Pour one bowl of red jello over the sweetened condensed milk layer and return to freezer. Continue this pattern, using white between each color until you end with a final layer of red.

When all the layers are set, you can gently separate the jello from the baking dish, and flip upside down to remove.

Cut into small squares and top with whipped cream and sprinkles if desired.