Smooth and rich, this caramel ice cream is delectable on its own, but even better when sandwiched between two discs of meringue for the ultimate grown-up ice cream sandwich.
Bring the milk to a simmer in a medium saucepan. Combine egg yolks and 1 cup sugar in an electric mixer. Beat on medium-high speed, with the whisk attachment, until very thick and pale yellow, 3 to 5 minutes.
Whisking constantly, add half the warm milk to egg-yolk mixture; whisk until blended. Stir egg-yolk mixture back into remaining milk; cook over low heat, stirring constantly with a wooden spoon, until mixture is thick enough to coat the back of the spoon, about 15 minutes. Strain into a medium bowl. Let cool.
Combine remaining 1 cup sugar with 1/4 cup water in a heavy saucepan. Cook over low heat until sugar is dissolved. Cover pan, and bring to a boil. Leave cover on until condensation washes down sides of pan. Uncover, reduce heat to medium, and cook, swirling pan occasionally, until sugar turns amber and registers 320 degrees on a candy thermometer. Remove pan from heat.
While stirring, carefully pour in cream, and keep stirring until completely combined. Let cool about 30 minutes. Add to milk-and-egg mixture. Refrigerate for at least 2 hours, or overnight. In 4-cup batches, freeze in an ice-cream maker according to manufacturer's instructions.