Does anyone know if this is actually a real drink? My Spanish teacher mentioned something about it being an Argentinian drink, but I won't have the chance to ask her for a few weeks. I read somewhere that it is made with carmelized milk, but I haven't been able to find an exact recipe. Anyone have any more info on this?

Yes, it is! It's a new drink at Starbucks actually. I tried it...didn't like it

Edit: The drink I tried was the Dulche de Leche latte, not the alcoholic beverage haha

Yes, it's real. Milk and sugar at the most basic level; various drinks and other products are made from it.
http://en.wikipedia.org/wiki/Dulce_de_Leche

Ah, I guess I was a little confused. I knew that Dulce de Leche was a real thing, but I thought it was just a flavoring. I've seen dulce de leche ice cream, and I've also seen the drink at Starbucks. I just didn't realize that Dulce de Leche itself is made from sugar and condensed milk.

Edit: So then, is the drink from the show simply carmelized sweetened condensed milk (i.e. dulce de leche) with bacardi mixed in?

Yeah, the real thing is awesome. That and irish coffee are two things that would be totally worth getting caught (and prosecuted) for underage drinking.

The wikipedia article says nothing about a version served as a cocktail with Bacardi. Can anyone find any evidence that it is actually served that way anywhere?

You should try Dulce de Leche ice cream. When I did Guys and Dolls the director raved about it all throughout rehearsals, and I finally tried some on closing night. It was delicious.

the guy who played Sky Mastersen found some Dulce de Leche coffee flavoring thingies at a gas station in south carolina--they mysteriously disappeared before we got to try them. (I suspect Big Jule.)