Most likely, you are familiar with the dulce de leche made from sweetened condensed milk. You can often find this spreadable variety, jarred or canned, in either the dessert-sauce section or the Latin American section of most supermarkets and specialty stores.
There are several methods to make your own dulce de leche - the traditional stove top method or the double boiler method or even by boiling a can of sweetened condensed milk. If you decide to make your own, you can find a plethora of recipes and ideas simply by searching for "dulce de leche recipes."
And, if you try the can boiling technique (it works, I've done it!), but sure you don't allow the water level to drop below the level of the can...it has to stay fully submerged. If it doesn't it could result in the can exploding - a dangerous and messy conclusion.