I would love to try the boil in the can method but I am scared after reading the posts of exploding cans.

Is there a reason that they explode? Is is if they are left to boil dry?

There's another version of using the condensed milk, instead of the caramel itself we call it as 'natilla' filling used to fill in a super moist chocolate cake.

Natilla:
1/2 cup condensed milk
1 cup milk
1 eggyolk
1 Tbsp cornstarch
1/2 tsp vanilla
1 Tbsp butter

Combine all ingredients for 'natilla' except butter in a double boiler and cook until thick. Remove from heat. Stir in butter.

This will fill in two 9-inch round pans. A favorite filling of my family. Delish too! Its worth a try.

Nancy

The homemade version ound terrific!

Thank....

Correction on my previous post -

I meant the natilla filling for this portion will fill-up enough a two 9-inch round cakes. This is a very light filling and not so sweet as there are add-ons to the condensed milk. You can easily double the recipe if you have a bigger sized cakes. Enjoy.

Nancy

Here are the recommendations from Eagle Brand Sweetened Condensed Milk website

For an easy caramel topping or dip, simply heat Eagle Brand® using the following directions. For safety reasons, heating the unopened can (an old cooking method) is NOT recommended. Instead use one of the following methods.

OVEN METHOD; Pour 1 can Eagle Brand® sweetened condensed milk into 9 inch pie plate. Cover with aluminum foil; place in larger shallow pan. Fill larger pan with hot water. Bake at 425º for 1 1/2 hours or until thick and caramel colored.

STOVETOP METHOD; Pour 1 can Eagle Brand® sweetened condensed milk into top of double boiler; place over boiling water. Over low heat, simmer 1 to 1 1/2 hours or until thick and caramel colored. Beat until smooth.

MICROWAVE METHOD; Pour 1 can Eagle Brand® sweetened condensed milk into 2-quart glass measuring cup. Cook on 50% power (medium) 4 minutes, stirring briskly every 2 minutes until smooth. Cook on 30% power (medium-low) 20 to 26 minutes or until very thick and caramel-colored, stirring briskly every 4 minutes during the first 16 minutes and every 2 minutes the last 4 to 10 minutes.

CAUTION: NEVER HEAT UNOPENED CAN.

great tips everyone!!! can't wait to try

regarding the exploding can concern:
i posted my method earlier in the post, and what i do is i poke a tiny hole in the top of the can, and then i put it in a sauce pan with water and boil it for 3 hrs. That way any steam or pressure that generates in the can is released by the tiny hole. The only downside is that you can't store for months in the can after you make it like others suggested.
This to me is the method that give the most authentic flavor and texture, since you genlty heat the milk and it doesn't have that overheated taste that sometime direct heat can give.
I'm originally from Argentina, and over there "dulce de leche" is like water, so i can certainly tell you that this the closest you can get!