Combine undrained pineapple, sweetened condensed milk, lime juice, lime peel, vanilla and food coloring, if desired, in a large bowl; mix well.
Whip cream in medium bowl with electric mixer at medium speed until stiff peaks form. Fold into pineapple mixture.
Pour into 9-by-5-inch loaf pan or 2-quart freezer-safe container. Cover; freeze until firm, about 3 hours. Serve.