In a saucepan on low heat, combine milk, cream, vanilla extract, and sugar. Heat until warm throughout. Remove from heat and let cool for 10-15 minutes.

Pour the liquid into a blender. Add 2 whole bananas and blend the mixture until smooth.

Place two slices of banana and two vanilla wafers each into popsicle mold, then pour the milk mixture into each mold.

Place one popsicle stick in each mold, pushing it about half-way down. Freeze until firm, or about 8 hours.