In a medium mixing bowl, whisk together the condensed milk & COLD water until smooth & creamy.
1 14 oz can sweetened condensed milk, 1 1/4 cups COLD water
In a separate, medium sized mixing bowl- add the pudding mix & pour in 1/3 of the milk mixture, whisking until smooth & no visible lumps remain.
1 3.4 oz pkg instant vanilla pudding mix
Add another 1/3 of the milk mixture, whisking again until smooth and no visible lumps remain. Repeat again with the final 1/3 of the milk mixture, whisking again until absolutely no lumps remain.
Cover & refrigerate at least an hour, or up to overnight.
Add the cream to a large mixing bowl. Using a hand mixer, whip the cream until it becomes fluffy and stuff peaks form. DO NOT overmix.
3 cups heavy cream
Using a spatula, scrape the chilled pudding mixture into the mixing bowl with whipped cream. Mix together on low speed, just until completely incorporated.