Boil the condensed milk as stated. when the cans are cool, open them. Have a bowl of ground pecans ready. Drop small scoops of caramel from spoon into ground pecans, put onto waxed paper. Melt a good chocolate like Dove and dip each pecan caramel into melted chocolate. This makes a candy similar to turtles.

I have used this method before, it takes you monitoring constantly. Try putting the unopened can in a crock pot on low setting for eight hours. Cool in fridge. Presto! A can of caramel.