Remove the label from the sweetened condensed milk can. Place the can in a pan and cover with water. Place the pan over heat; when the water boils, turn the heat to low. Let the can cook for 3 hours, being sure that the can is always covered with water; cool.

Over low heat, melt the sugar. Cook until the sugar is light brown, stirring constantly; do not let the sugar burn. Pour the boiling water on the melted sugar and cook until all of the sugar is dissolved; cool. In a blender, mix the caramelized condensed milk with some of the evaporated milk. When smooth, add the remaining evaporated milk, cream, caramel syrup and vanilla extract. Pour into an ice cream canister and freeze according to the manufacturer's directions. Makes 1 1/2 quarts. Penny Halsey (ATBN65B).