COMBINE all ingredients in container of ice cream maker; mix well.
FREEZE according to manufacturer's instructions. Freeze leftovers.
OMIT half and half. Combine sweetened condensed milk and vanilla in large bowl. Fold in 2 cups (1 pint) heavy cream, whipped (DO NOT use non-dairy whipped topping). Pour into 9 x 5-inch loaf pan or other 2 quart container. Cover. Freeze 6 hours or until firm.
PEACH ICE CREAM: REDUCE vanilla to 1 tablespoon; add 1 teaspoon almond extract and 4 drops yellow and 2 drops red food coloring, if desired. Add 2 cups mashed fresh or frozen peaches, thawed or 1 (16 oz.) can peaches, drained and mashed. Proceed as above.
BANANA ICE CREAM: REDUCE vanilla to 1 tablespoon; add 2 cups mashed bananas (4 medium). Proceed as above.