Preheat oven to 325º F.
Cook 1 cup sugar in heavy 1-quart saucepan over medium-high heat until sugar starts to melt. With a wooden spoon, stir constantly until sugar turns a dark, amber color. Immediately pour caramel into 9-inch glass pie plate or eight 1-cup custard cups. Working quickly, tilt dish to evenly coat bottom and sides with caramel. Set aside.
Heat milk and heavy cream in 2-quart saucepan over medium heat to boiling. Meanwhile, in medium bowl, whisk together egg yolks, eggs and remaining 1/4 cup sugar. Whisking constantly, pour hot milk mixture into egg mixture in a slow stream. Stir in TABASCO® Green Sauce and orange extract.
Place dish in slightly larger pan for water bath. Pour hot water into the larger pan, halfway up the side of the the custard dish. For 9-inch pie dish, bake 1 1/4 hours or until knife inserted near edge comes out clean. Bake custard cups about 30 minutes. Remove from water bath; place on rack. Cool to room temperature. Cover; refrigerate overnight.
To serve, quickly invert flan on serving plate.
Makes 8 servings.