For an easy caramel topping or dip, simply heat Eagle Brand Sweetened Condensed Milk using the following directions. For safety reasons, do not heat in the can (an old cooking method). Instead, use one of the following methods.
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.
CAUTION: DO NOT HEAT IN CAN.
I've never used any of these methods but it's on my list of things to try. =)
I've made dulce de leche using the double boiler method. It's real easy & real good.