I don't know that I can really call this a "recipe." This has got to be the easiest Dulce de Leche ever to make. While, some may say this is a little risky, I've had no problems.
Since I discovered this last fall, I always like to keep a stock on hand. You'll see a few recipes using Dulce de Leche coming up on my blog, but this is definitely tasty straight out of the can. It also makes a delicious ice cream topping!
DULCE DE LECHE
Sweetened Condensed Milk
Remove the labels off of the cans of sweetened condensed milk. Bring a large, deep pot of water to a boil. Place full (unopened) cans into the boiling water. Boil for 3-4 hours. (I make multiple cans at a time...if you're boiling 1 can for this long, you just as well boil multiple cans!) Be sure to keep the water level at least 1 inch above the top of the cans. After 3-4 hours, turn off the fire. Let water cool completely with cans in it (I usually let them sit overnight).
Open cans & dig in! (Keep in closed can until ready to use; once open, store in fridge)