1. In top of double boiler put Eagle Brand sweetened condensed milk, chocolate and salt. Heat over rapidly boiling water, stirring constantly, until mixture is very thick.
2. Gradually stir in water, keeping mixture smooth. Continue cooking, stirring often, until mixture thickens. Remove from heat.
3. Stir in vanilla extract.
4. Pour into pie shell. Cool at room temperature about 1/2 hour. Refrigerate at least 3 hours.
5. Just before serving garnish with whipped cream.
If glassware double boiler is used, cover and continue to cook mixture, without stirring, until thickened.