Preheat oven to 425°F. Pour sweetened condensed milk into a 11- x 7-inch baking dish or pie plate, and cover with aluminum foil. Place in a large pan, and fill three-quarters of the way up the sides of the baking dish with water. Bake in preheated oven until golden brown, about 1 1/2 hours. Scrape Caramel into a bowl, and cool completely, about 1 hour. Store at room temperature in an airtight container up to 5 days.