My favourite way to make stabilized whipped cream for cakes and pastries!
In a heat-proof cup or mug, measure out the cold water. Sprinkle the gelatine over top and allow it to become absorbed (softened) by the water.
Put about 1-2 inches of water into the base of a small saucepan and bring it to a boil.
Reduce the water to a simmer, and set the cup inside. Stir the gelatine inside the cup occasionally, until it is dissolved and you can no longer see any crystals on the face of your spoon. Remove the cup from the pot of simmering water.
In a large mixing bowl or the bowl of an electric stand mixer, combine the cream, sugar, and vanilla. Beat on high speed until the mixture just begins to thicken.
Continue beating the cream on low, and slowly pour in the gelatine mixture. Only use what pours out freely; do not scrape the sides of the cup.
Increase the speed to high again and beat until stiff peaks form. Use immediately.
I often like to make this recipe with no sugar at all to go on top of already-sweet desserts!