In a large bowl, combine the Sweetened Condensed Milk (1 can), Heavy Cream (2 1/3 cup), Malted Milk Powder (8 tablespoon) and Vanilla Extract (1 teaspoon). Using a whisk or hand-mixer, beat until the mixture has thickened and forms soft peaks about 3 minutes.
Transfer the mixture plastic containers or a loaf pan and freeze until firm, at least 6 hours or overnight.
When ready to serve, scoop ice cream into 6 tall glasses, and fill to the top with Root Beer (24 fluid ounce). Serve immediately with straws and spoons.