1: (adjective) Becoming extremely fat from overconsumption of milk (homogenized in most cases) and/or dairy products.
2: (noun) The fat cells in an living organism that is purely composed of milky fatty oils and whatnot.
3: (noun) the fatty portions of milk.
Fat bastard: yo man d'you think i'm a bit fat?
Skinny man: naw dude you's is MILKFAT cuz you only eats milk and drink cheese, man.
Fat bastard: naw man i eats milk stuffs only abouts 9 meals a half-day
Skinny man: thats whys you is filled with MILKFAT in you's fatty ass body
Fat bastard: screw u man. isnt milkfat the oily fat stuffs in milk?
Skinny man: naw, you just drunk again, man