And all it takes is...
One can of sweetened condensed milk!
1. Remove the label from your can of sweetened condensed milk and place in a boiling pot of water.
2. Make sure water covers the top of the can the entire time it it boiling. (The can could explode if water goes down too much). It should take about 3 1/2 hours.
3. I let mine cool for about an hour at room temperature before opening. I don't know that it's necessary, though.
You will have the most delectable caramel you could imagine!