1. Whisk together first 3 ingredients in a large, heavy saucepan. Cook over medium heat, whisking constantly, 8 to 10 minutes, or until mixture thickens slightly. Remove from heat, and whisk in cream cheese and vanilla bean paste or extract until cheese is melted. Cool completely, about 1 hour, stirring occasionally. Place plastic wrap directly on mixture to prevent a film from forming, and chill 8 to 24 hours.
2. Pour mixture into freezer container of a 1 1/2 quart electric ice cream maker, and freeze according to manufacturer's instructions. Transfer ice cream to an air tight container. Freeze 4 hours before serving.
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