No its not Steve...sterilized, pasteurized and condensed are all completely different.
The pasteurization is carried out for a prolonged time at around 170°F and is supposed to kill only heat susceptible organisms and their spores, while sterilization works at a temperature of 250°F and is supposed to kill all organisms.
and the Condensed milk i can only use it for cooking.
http://wiki.answers.com/Q/What_is_th..._sterilization