Great (and funny) example of how, to a Japanese speaker, the ideas conveyed by words can change according to how they're written.

• 「加糖練乳」 -- Hard to understand, seems formal and jargony like an inter-office invoice or something
• 「コンデンスミルク」 -- Something you pour on strawberries
• 「こんでんすみるく」 -- A dirty video game
• 「Condensed Milk」 -- A classy, expensive brand with stuff like "Since 1958" written on the package

I love the "ぴゅーりたん☆かくめい" in the comments. Now that sounds like a dirty video game.