Not made this for a while but it is lovely - I use a tbsp of flavoured syrup in mine instead of the vanilla - Put the condensed milk, cream and vanilla into a large bowl. Beat with an electric whisk until thick and quite stiff, a bit like clotted cream. Scrape into a freezer container or a large loaf tin, cover with cling film and freeze until solid.
Retro, yes, but is there anything prettier or more delicious than coconut ice? More delicious (and sugary) still made with sweetened shredded coconut rather than desiccated, but otherwise this recipe works well.