1
: Pour sweetened condensed milk into a 9" (23 cm) ovenproof plate. Cover with foil; place in large shallow baking pan, pour hot water into larger pan to depth of 1" (2.5 cm). Bake in preheated 425°F (220°C) oven 1 hour or until thick and caramel-coloured.
2
: Beat warm sweetened condensed milk until smooth. Cool 1 hour. Refrigerate until serving time.
3
: Serve as dip with assorted dippers. Store leftovers covered in refrigerator for up to 1 week.