While sorting out Grandma's Recipe Box, I came across this interesting, and remarkably easy recipe for homemade condensed milk.  Grandma always incorporated it into her famous "hooch." 

Here's the recipe:

Homemade Condensed Milk

1 cup boiling water

1/2 cup butter

2 cups sugar

2 coups powdered milk

Beat ingredients together until smooth.  It will appear thin, but will thicken later.  Can be made in a blender. Makes 1 quart.

Want to make hooch? The recipe is coming up next!