Homemade Dulce de Leche

0 Remove the label from an unopened can of sweetened condensed milk.
1 Place the can in a large pot and cover it completely with water, making sure there is at least 2 inches of water above the can.
2 Place the pot on the stove and bring the water to a boil over high heat.
3 Once the water is boiling, reduce the heat to low and let the can simmer for 2-3 hours. Keep an eye on the pot to make sure the water level stays above the can and add more boiling water as needed.
4 After 2-3 hours, turn off the heat and carefully remove the can from the pot using tongs.
5 Let the can cool completely at room temperature before opening it. Do not try to open the can while it's still hot, as it may explode.
6 Once the can is cool, open it and you should have thick, caramel-colored dulce de leche inside.