The silky texture of evaporated milk is created by removing 60 percent of the water from canned milk. This process imparts a slight caramel flavor to the milk, making it ideal for cooking. Evaporated milk is available in whole, low-fat, and fat-free varieties.
To replace milk
Mix equal parts evaporated milk and water. However, to replace whipped cream, remove evaporated milk from the can and freeze it briefly to chill. Then whip it with a wire whisk or mixer until it holds soft peaks.
To add rich flavor to mashed potatoes
Use evaporated milk in place of 1/2 cup of the milk called for in the recipe. To make butterscotch flavor, when making vanilla pudding or pie filling, replace sugar with brown sugar and replace milk with evaporated milk (or replace at least half of the milk). Cool as usual.
To use in place of cream or milk
Evaporated low-fat or fat-free milk makes rich-tasting, low-fat soups and sauces. For soups, use 1 cup evaporated milk for 4 servings. For sauces, use about 1/4 cup for 4 servings. Or use evaporated milk for hot cocoa in place of milk or cream. You can also stir it into hot cereals with dried raisins or fruits. And you can use it in sherbet and ice cream recipes for a smooth texture.