Use very cold heavy cream for best results. Place your mixing bowl into the freezer for 10 to 15 minutes to help keep the cream cold. Place the cream and sugar into a mixing bowl and whisk on medium speed until stiff peaks form.
Turn the mixer off and prepare the gelatin next. Combine the gelatin with water in a small ramekin and stir. Heat the mixture in the microwave until the gelatin is completely dissolved (microwave for about 30 seconds). DO NOT let the gelatin cool, simply pour it directly into the whipped cream while it's still hot with the mixer running on medium speed.
Whisk the cream and dissolved gelatin on high speed until stiff peaks form, about 1 minute. Add the extract and/or color last, then whisk for an additional 30 seconds.
If time allows, chill whipped cream for 30 minutes, then pipe. Transfer the frosting into a pastry bag and frost dessert. Keep cake and dessert refrigerated until ready to serve.