1 large pkg. Kraft light caramels
1/2 c. butter
1 can sweetened condensed milk
1 lb. pkg. large marshmallows (may need to use more)
Rice Krispies, coconut or chopped walnuts

Melt caramels, butter and sweetened condensed milk in double boiler. Leave over hot water as caramels thicken quickly. Dip marshmallows into melted caramel mixture. Roll in Rice Krispies, coconut or chopped walnuts.