According to SF Gate, cream cheese, half and half and 1 percent milk all make decent whipping cream substitutes. However, not all whipping cream substitutes work for all recipes. For example, cream cheese cannot be used to make whipped cream.
Cream cheese makes an ideal whipping cream substitute in soup and pasta recipes. Cream cheese adds flavor to dishes and is lower in fat than whipping cream. A little 1 percent milk and cornstarch can be used in place of whipping cream in sweet dishes. For whipped toppings, try whipping fat-free half and half with a little sugar until it is fluffy.