Place the Smarties in a resealable plastic bag. Using a rolling pin, smash the candies into sprinkle-size pieces.
Using an electric mixer, beat the cream to soft peaks, about 2 minutes. Add the condensed milk and salt and beat until blended, about 1 minute more. Using a spoon, stir in the Smarties. Pour the mixture into a large metal loaf pan. Freeze until firm, about 3 hours.
Scoop the ice cream into dessert glasses. Top with the whipped cream, Nerds and cherries.
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