Combine first 3 ingredients in a large saucepan; stir well with a whisk. Gradually add half-and-half and milks, stirring until well blended. Bring to a simmer over medium heat, and cook 10 minutes or until mixture reaches 160°, stirring constantly with a whisk. Remove from heat; stir in extracts. Cool to room temperature, and chill at least 2 hours. Stir in coconut, almonds, and hot fudge topping.
Pour mixture into the freezer can of a 4-quart ice cream freezer; freeze according to manufacturer's instructions. Spoon ice cream into a freezer-safe container; cover and freeze at least 2 hours or until firm.