One of the other Dissers was telling us about how she makes caramel. She puts the can of condensed milk into cold water and heats for 4 hours (can has to be completely covered the whole time). Allow to cool and then use.
That is neat. I would be scared to try it thinking that the can might explode, or the condensed milk would burn. If you try it, let me know how it goes.
Coincidentally, there was a recipe in the newspaper on Tuesday. They also talked about making "leche con dulce". Same thing with the condensed milk....the only difference was 2 hours boiling time; rather than 4. DisneyFirefly has used it a number of times as a filling for cupcakes. I might try it out one of these days.