The answer is both “yes” and “no”. Digging a bit into the “yes” answer, evaporated milk is nothing other than whole milk with about 60% of its water content removed. And condensed milk is basically equal to evaporated milk with added sugar. So, technically, you can put 2 cups of milk in a pan and bring it to a boil slowly, mixing it gently throughout the process to prevent it from sticking to the bottom of the pan and burning. You need to do this long enough that the milk in the pan is reduced to a little less than half of its initial volume. If you are after condensed and sweetened milk, add a cup of granulated sugar, while the evaporated milk is hot and stir until it gets dissolved. Coming back to the “No” part of the answer, the commercial process to make evaporated milk is under very strict temperature control and the milk gets to be heated uniformly, which is impossible to attain with a pan over the stove or hotplate. There is a high probability that milk will form a burnt crust at the bottom of the pan and the flavor of the burnt milk will give a strange flavor to your evaporated milk. Alternatively, you can enrich your regular milk with the addition of whipping cream in the ratio of 3 parts whole milk into 1 part of whipping cream by volume. Alternatively, you can substitute evaporated milk with half-and-half directly in a pinch.