Remove label from can. Place unopened can in the bottom of a very deep pot, such as a deep dutch oven. Cover with water so that the water is 3 to 4-inches above the can. Bring the water to a boil and boil steadily for four (4) hours.
Note: You must make sure that the can is always totally covered with water. Never let the water level get down to the top of the can, because this could cause the can to explode.
After the four (4) hours is up, remove the can with tongs and place on a wire rack to cool. Be assured, the can will not explode.
Refrigerate. When can is cold, open and you will have soft caramel; even the color is caramel. The only bad thing about boiling this one can is that you will be sorry you didn't boil two or three.