The Collaborative International Dictionary of English v.0.48:

Malt \Malt\, v. t. [imp. & p. p. Malted: p. pr. & vb. n.
   Malting.]
   To make into malt; as, to malt barley.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

malted \malt"ed\ (m[add]lt"[e^]d), n.
   1. Same as malted milk[1].
      [WordNet 1.5]

The Collaborative International Dictionary of English v.0.48:

malted milk \malted milk\ n.
   1. A milkshake made with malt powder; also called simply a
      malted.
      [WordNet 1.5]

   2. A powder made of dried milk and malted cereals.
      [WordNet 1.5]