Combine milk and cream in a medium saucepan. Split vanilla bean in half lengthwise, and scrape seeds into milk mixture. Add vanilla bean pod to milk mixture. Place pan over medium heat, and cook about 5 minutes or just until bubbles begin to form around edge of pan, stirring often. Remove from heat.
Combine egg yolks and sugar in a mixing bowl. Beat at medium speed with an electric mixer until thick and pale. Gradually whisk in hot milk mixture; return to saucepan. Cook, whisking constantly, over low heat, about 2 minutes or until custard mixture thickens and coats the back of a spoon. (Do not overcook.) Pour custard mixture through a wire-mesh strainer into a medium bowl, discarding vanilla bean pod. Place bowl in a larger bowl filled with ice, and stir custard until cool.
Pour mixture into freezer container of a 2-quart electric freezer. Freeze according to manufacturer's instructions. Transfer ice cream to a 1-quart plastic freezer container. Freeze 4 hours or until firm.