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Add the rice, boiling water and salt to a large saucepan.
Bring to a simmer, then reduce the heat to low and cook uncovered for 20 minutes, stirring once or twice, until most of the water has evaporated and the rice is cooked.
Fold the condensed milk, cream and vanilla extract through the cooked rice until well combined.
Bring the mixture back to a gentle simmer, then cook over low heat, stirring constantly, until you reach your desired consistency. NOTE: Depending on the type of rice, amount of condensed milk, saucepan and heat, this can take anywhere between 8-20 minutes, depending on how thick you like it.Don't worry if it looks thin at first - just keep simmering and stirring, it will thicken up.