its really good in peppermint tea, although cooking applications include tres leches, dulce de leche, flan, ice cream and other custards, etc

When I studied art, we'd make dark dark coffee using the hot plates in the printmaking studio and then swirl in condensed milk. We always keep it in the house now in case we run low on cream. You can also mix a can of condensed milk, 1 tsp of vanilla, and a bag of shredded coconut together. Drop tbsp. of it onto a silpat and bake at 375 until the tops start to brown- lightly brown otherwise they will be bitter. Remove immediately and top each little peak with melted chocolate. Once the chocolate is hard enjoy. We call them minutemen macaroons and they are amazing. :)

Here is a sinful recipe using only 4 ingredients to make fantastic chocolate cookies. Flavor depends on quality of chocolate used!

12 oz chocolate chips (or more to taste--I like semi-sweet)
1 cup flour
1 can sweetened condensed milk (this is the small-size can)
1 tsp vanilla

Melt chips. Add alternately remaining ingredients. Chill 10 minutes. Form into balls and flatten. Bake @350 deg. 10 minutes. Let cool and eat!

You can use it in your coffee too if you usually put in cream/milk & sugar. Yum!

http://www.food52.com/recipes/9077_chocolatecovered_coconut_chubs

Brazilian chocolate balls - Brigadeiros!!
Very easy to make..
1 can of condensed milk
1 tablespoon butter
3 tablespoons cocoa powder
Melt the butter in a sauce pan and add in condensed milk with the cocoa powder, and stir until mixed well and thickened. Then roll them into tablespoon size balls and roll them in chocolate sprinkles. Crunchy. chewy and yummy

Was just discussing condensed milk with a Thai friend. As a baby, that's what he was fed in his bottle...

The highest and best use of sweetened condensed milk is lemon icebox pie. A can and a half of sweetened condensed milk, four egg yolks, 3/4 cup of freshly squeezed lemon juice, all stirred together and poured into a graham cracker crumb pie crust. Egg whites whipped with a little cream of tartar and a little sugar into a meringue (or if you don't like meringue and prefer a whipped cream topping, as I do, just add 'em in to the pie with the yolks). Meringue spread on top. Baked at 350 just long enough for meringue to brown lightly, and cooled completely on a rack before refrigerating. If using whipped cream topping, obviously, add after it's refrigerated and just before serving.

Flan!

http://www.food52.com/recipes/7550_pumpkin_flan

http://www.food52.com/recipes/2950_coconut_flan

There was a great article in the NY Times earlier in the year about how sweetened condensed milk is making a comeback! The photographs are amazing!
http://www.nytimes.com/2010/03/03/dining/03milk.html

The classic use, in my mind, is key lime pie:
http://ohjoy.blogs.com/my_weblog/2010/02/the-best-key-lime-pie-ever.html

If you like things caramelly try this. Place the contents of a can of sweetened condensed milk in a crockpot and cook on low until it becomes a wonderful rich tan and very thick. I cannot tell you how long this will take because each crockpot I have appears to cook at different temperatures. Use the smallest crockpot you have for good results. Once it's a at that nice melted caramel color and texture place the warm caramel into a food processor with 8 ounces of cream cheese. Mix until all is thoroughly blended. Turn those ingredients out into a prepared graham cracker crumb or gingerbread crumb or chocoloate crumb crust. Chill serve with whipped cream and chopped nuts. Very very rich.

The folks in southeast asia make a wonderful iced coffee with ratio of about 1/2 sweetened condensed milk to 1/2 very strong dark roast coffee mixed together and poured over ice. It's really great with hot thai or vietnamese food.

It makes delightful fudge, I don't have a recipe but you could search on google for one. While search check out Banoffee Pie. It is a pie made with caramelized sweetened condense milk and bananas.