1 can Eagle Brand sweetened condensed milk (unopened)
1 pt. whipping cream
Crushed vanilla wafers

Submerge in pan of water (water completely covering can). Boil for 2 hours. Let cool. Open can and put contents in small mixing bowl. Stir to smooth consistency. Whip 1 pint whipping cream. Fold 1/2 whipped cream into caramel until smooth. Sweeten remainder of whipped cream with sugar. Alternate layers of caramel and cream mixture with crushed vanilla wafers in 4 sherbet glasses. Top with whipped cream and a cherry.