In a large mixing bowl, pour in 2 cups of Orange Crush soda and 1 cup of sweetened condensed milk. Whisk until smooth.

In a separate bowl, whip 2 cups of heavy whipping cream until stiff peaks form, about 3 to 5 minutes. Gently fold in 1 teaspoon of vanilla extract, if desired.

Carefully fold the whipped cream into the orange soda mixture until uniform. Do not deflate the whipped cream.

Transfer the mixture into a freezer-safe container, cover, and freeze for at least 4 hours, stirring every hour for the first 2 to 3 hours.

Scoop the sherbet into bowls or waffle cones, and garnish with fresh orange zest, crushed vanilla wafers, or mini marshmallows, if desired.