Cook sugar in a medium skillet over medium heat 2 minutes, gently shaking skillet until sugar melts and turns a light golden brown. Quickly pour caramelized sugar evenly into 6 (6-ounce) custard cups.
Whisk together condensed milk and next 4 ingredients in a medium bowl until blended. Pour milk mixture evenly into prepared custard cups. Place cups in a 13- x 9-inch pan; add hot water to pan to a depth of 1/2 inch. Cover all custard cups with one large piece of aluminum foil.
Bake at 350° for 30 minutes. (Do not let water boil.)
Remove cups from pan to wire rack, and let cool completely. Cover and chill 8 hours or until cold.
Unmold custard cups by lightly pressing edges of custard with a spoon to break away from sides of cup; invert onto serving plates. Drizzle caramelized sugar from bottom of cups over top of each custard.