At eight dollars for 24 cans, Milwaukee's Best is perhaps the king of cheap beer. Milwaukee's Best is brewed by Miller, who bought out the Gettelman Brewing Co (a neighboring brewery in Milwuakee) in 1961. In 1984 at this brewery, Miller reformulated Milwaukee's Best and also began producing Meister Bräu. Milwaukee's Best was the seventh best-selling brand in the United States in 1992, and in 1995 held 2.5% of the USA's beer market share, while spending zero dollars on advertising. (source: adage.com)
Milwaukee's Best is 4.5% alcohol by volume, Milwaukee's Best Light is 3.10% abv, and Milwaukee's Best Ice is 5.9% abv.
I would advise staying away from the Ice version, the horrible taste and smell is not worth the added alcohol content.