Remove label from can of sweetened condensed milk and pierce with two holes on the top.
Place can in a small pot and fill with water. Bring to a gentle simmer and maintain water level about 1″ below top of the can at all times. Simmer for about 3 hours. Let cool before handling, eating, or touching.
To make it thick enough to spread on Alfajores, simmer for about 5 hours.
Serve with ice cream, cookies, Alfajores, crepes … anything you can imagine!