Make a thick, butterscotch-like sauce with nothing but patience and a can of sweetened condensed milk.
Place the can on its side in a large pot. Fill pot with room-temperature water, making sure water level is at least 2 inches above can. Remember, it's vital the can remain fully submerged during the entirety of simmering to prevent it from warping and splitting, which can result in injuries.Set pot over high heat and bring to a simmer.
Reduce heat and simmer for 2 hours for light, golden caramel, and up to 3 hours for dark, robust caramel; check pot every 30 minutes to ensure water level stays above can, adding boiling water as necessary to keep can under 2 inches of water.Using a pair of tongs, remove can from water and set on wire rack to cool to room temperature. Do not attempt to open can while still hot; this can cause pressurized hot caramel to spray dangerously.
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