|1 can||sweetened condensed milk|
Remove the label from the can of condensed milk. Poke two vent holes in the top, by using a can opener for example. Put the can into a pot (with the holes up), and fill up the pot with water until it is a quarter inch or so below the top of the can. Put the pot on a stove and turn up the heat. Let the pot and can simmer gently for about one and a half to two hours for runny dulce de leche, or up to four hours for solid dulce de leche. Add more water, as necessary, when the level boils down too much.
When it's done, let it cool for a while, and then carefully open up the can completely and eat directly (for the solid variety) or use as a dessert spread (for the liquid variety).
The resulting product should be colored tan or brown.
Recipe by Dan Bornstein, firstname.lastname@example.org, http://www.milk.com/home/danfuzz/.
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