This is completely opposite to anything resembling a healthy delight . . . in fact it's a sinful delight, but it's sooo yummy and tastes just about exactly like canned condensed milk. If you're like me and you do, once it a while, crave a can of condensed milk, this is the recipe for you.
1 cup powdered milk
1 cup sugar (I used light brown sugar, but white works too)
1/2 cup boiling water
Place everything into a food processor and blend away until the sugar is dissolved - it may take about 5 minutes at least. And voila, believe it or not, there's your condensed milk! As you can see, it makes a good coffee cup-sized portion.
It's quite liquidy though, so if you want it a bit thicker like the canned version, just place it in the fridge for a while.
Note: I accept no responsibility for any weight gain, tighter jeans or ruined diets as a result of posting this recipe.