We are totally ashamed of ourselves. We found the following recipe reprinted in several books for a substitute for sweetened condensed milk: Mix 1 cup of instant powdered milk with 1/3 cup hot water, 1/2 cup sugar, 1 tablespoon melted butter in a blender until smooth. Refrigerate until ready to use.
We had that recipe listed at Ochef for nearly two years before we actually tried it. And trying it is the cause of our shame. It is ghastly! It does approximate the texture of condensed milk. But the flavor is, well, ghastly.
If you have a can of evaporated milk on hand, you can make a very good approximation of condensed milk. In a saucepan, combine a cup of evaporated milk with 1-1/4 cups of sugar. Heat until the sugar is completely dissolved. Let cool. You can refrigerate the mixture for several days.
Our profound apologies to any and all who made the recipe found above.