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Add gelatin to cold water in a bowl.
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Set this over a saucepan with boiling water until the gelatin is clear.
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Cool to room temperature.
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Meanwhile whip the cream until it is medium thick.
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With the mixer still on, pour gelatin into the center of the cream.
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Continue to whip. Add the powdered sugar and vanilla extract.
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Continue whipping until cream is in soft peaks.
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At this point you can add food coloring or use as is.
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Frost cake or cupcakes.