For this delicious - and very sweet! - dessert all you need is a can of sweetened condensed milk.
1 can sweetened condensed milk
Remove label from can. Put it in a large pan with 4 quarts of water. Bring the water to a boil and simmer at low heat for 2 hours. Remove can from pan and let cool. Refrigerate for 3-4 hours. Open can on both ends and push the thick caramel out. It should be cylindrical and a golden color. Spoon it onto your plate or cut into slices to serve. It looks and tastes like the "dulce de leche" from Argentina and other Latin American countries. Of course, in the US, the Eagle Brand Condensed Milk can label says specifically NOT to heat the unopened can...we've been doing this in Brazil for at least 50 years...has anyone heard of an accident with one of them???
A little secret: If you live in South Florida your supermarket is bound to carry a Dulce de Leche from Argentina called Gandara. So, you can have your "doce de leite" minus the work and time it takes to make it.