Bakers often use condensed milk as a lower-fat alternative to heavy cream in baking. It adds a similarly rich flavor, but, as a concentrated milk product, it contains far less butter fat and much more protein, which improves the overall nutritive value of many baked goods. Despite its lack of fat, condensed milk can also be whipped into a passable low-fat simulation of whipped cream. It requires very cold utensils, and it must be eaten immediately.
Whipping the Milk
Evaporated milk must be extremely cold, almost freezing, to whip properly. Pour the milk into a metal mixer bowl and place it in your freezer for at least 1/2 hour, until your milk begins to freeze to the sides of the bowl. Freeze your mixer's whisk or beaters as well, so they won't warm the milk. Whip the evaporated milk on high speed for one minute, until it begins to froth; then add a splash of vanilla extract and a few tablespoons of fine sugar. Beat the milk until it's light and fluffy and stiff enough to hold its shape, then spoon it onto your desserts and serve it immediately.