Stacie
Do you mean Tres leches or Dulce de Leche? They are not the same thing. Here in Mexico you can buy a carton of tres leches (three milk) blend wich is condensed milk, evaporated milk and heavy cream. This is used to soak a sponge cake called Pastel de Tres Leches (Three Milk Cake). Dulce de Leche is like a caramel spread made of caramelized goat's milk. So if you have condensed milk you have to heat it to caramelized. I don't know how to do it because I can just go buy the Dulce de Leche (or Cajeta). I've seen jars of Dulce de Leche in the Latin American grocery aisle of Wal Mart. Hope this helps.
I put the unopened can in a pot filled with enough water to cover the top of the can. Boil the water for at least 3 hours. The longer you keep the can in boiling water, the deeper the color will be. You will need to add water to the pot to keep the can covered. Allow the can to cool for at least an hour before opening. I do this often and have never had a problem.
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