Can you whip evaporated milk? You betcha!
Whipping evaporated milk seems to fail for many of my online brethren. Reports of sweetened soupy cream abound. There are two things going on here.
I think it is mostly a temperature thing. Just like regular whipping cream needs to be cold, so does evaporated milk, only more so. You really have to refrigerate the evaporated milk. It has to be cold. Put it in the coldest part of your refrigerator and let it stay there overnight. Put your mixing bowl and beaters right beside it. Yes. Really. Overnight.
The second difference between whipping evaporated milk and regular whipping cream? Fat. Whipping cream is approaching 40% fat, whereas evaporated milk is only about 7%. It takes all that fat to emulsify into a stiff whipped cream. Whipped cream made from evaporated milk will never be as stable as whipped cream made from heavy whipping cream.
You can take a look at the following video for evidence that this really can work. Notice that the splash ring on my Bosch mixer has condensation on it from it having been in the ‘fridge overnight.
Also check out my chiffon cheesecake recipes for my primary use for this whipped cream: