I was excited to purchase vanilla beans to experiment with, especially when I found a recipe on Your Cup Of Cake to make this super simple vanilla extract.
Homemade Vanilla Extract
1 cup vodka
3 vanilla beans
Place vodka in a bottle with a tight light. Split the vanilla beans lengthwise, and place them in the bottle. Seal the bottle, and place in a dark, cool place for two months. Shake the bottle periodically (when you're checking impatiently to see whether it's been two months yet).