You want to impress the pants off of guests, friends or relatives with the most delicious caramel in all the land? That you (sort of) made with your own two hands? Alrighty, then! Let's go! VAMANOS!
What you need:
Yes, one can of sweetened condensed milk. Or however many you want. That's it. Well, except for a large pot and a stove. Now, what you do is take the label off the can (and even THIS is optional, for the label will just boil off and float in there), put the UNOPENED can in a large pot, cover completely with water and bring to a boil.
You must, under threat of actual, no-lie kitchen disaster, make sure the can is covered with water at all times. Yes, this means you will have to pour water in there from time to time. Set yourself an alarm every hour and make sure you check on it.
Failure to do so could result in unfortunate can explosion, and let me tell you, you have not seen a mess until you've seen sticky caramel sauce all OVER your kitchen, in places you never knew existed.
The boiling times vary depending on what kind of caramel sauce you desire, although the minimum is two hours.
Two hours = a rich, light caramel-colored, syrupy sauce to top ice cream, drizzle on cake or other desserts or eating with a spoon (what?)
Four hours = a solid, thick, custard-like texture appropriate for frosting cakes, cupcakes, or for filling chocolates, muffins or cupcakes. I've used it to frost a cheesecake and almost ate the whole thing in one sitting.
Trust me, your guests will be wowed, and your thighs will be larger. But it will all be worth it.