In a large, heavy-bottomed pot, heat 2 inches of vegetable oil to 350 degrees F.
Whisk together the flour, granulated sugar, baking powder and kosher salt in a large bowl. Add the milk, butter, vanilla and egg and whisk until well combined.
Make one funnel cake at a time: Pour 1/2 cup of the batter through a funnel (see Cook's Note) into the hot oil while making swirling and overlapping motions. Allow to fry and brown for 2 to 3 minutes per side. Transfer to a paper towel-lined baking sheet to drain. Repeat with the remaining batter.
Dust with confectioners' sugar and transfer to a plate. Top with a scoop of rocky road, cherry and caramel ice cream, a drizzle of hot fudge, some whipped cream and sprinkles.
A regular plastic funnel with a small nozzle works well.