To make the icing, place the cream cheese in a microwave safe dish and microwave it for 15 to 20 seconds or until nearly melted. Combine the powdered sugar and heavy cream (or milk if you don't have heavy cream) with the melted cream cheese. Add a sprinkle of powdered sugar if it's too thin or a drop or two of milk if it's too thick. Drizzle the icing over the partially cooled bread and then decorate with the colored sugar. Serve warm.