Put water in a small dish and sprinkle gelatin over it to soften. Set aside. In a large saucepan, bring cream just to boiling. Remove pan from heat and stir in Splenda, gelatin mixture and vanilla extract. Divide into 8 1/2-cup dishes, or pour total mixture into a glass or Corningware pan. Cool to room temperature. Cover with plastic wrap and chill in refrigerator at least 4 hours.
Makes 8 servings. 3 net grams of carbohydrate per serving.