Remove the label from the can of sweetened condensed milk.
Place the can on its side in a large pot.
Fill the pot with room temperature water until the water level rises at least two inches above the top of the can.
Simmer the can for two to three hours, depending on desired darkness of the dulce de leche.
Carefully remove the can from the hot water using tongs and allow it to cool to room temperature.
Dulce de leche can be served straight out of the can or used as a topping or filling for desserts.