I make a delicious caramel pie with sweetened condensed milk.

Place three cans of sweetened condensed milk in a water bath and boil for 2 1/2-2 hours, making sure that the cans stay completely submerged during the boiling process. Have another pot boiling water at the same time so you can add to the pot containing the cans of milk when the water level is getting low.

When the cans are finished, you can either place them in the refrigerator to cool (for 2 hours or overnight), or you can *carefully* open them then. As the caramel is extremely hot, it can cause burns if it squirts at you which is why you must be careful if you elect to open the can shortly after removing it from the pot. Spread 1 1/2 can into each pie crust. Refrigerate until the caramel hardens. Before serving, spread a layer of Cool Whip across the top and garnish/decorate to your liking (shaved chocolate, etc).