CUT off ends of each lime and cut each into 8 wedges. Place 16 wedges, 3 cups water, 1/2 cup sugar, 1/4 cup sweetened condensed milk and 7 ice cubes in blender. Cover; blend for 20 seconds. (Blending longer will cause drink to become bitter.) Strain through a fine mesh strainer into pitcher to remove rinds. Repeat with remaining ingredients. Best served immediately over ice cubes or crushed ice.