Dulce de leche (DOOL-seh-deh-LEH-chen) is Argentina's national dessert. The traditional recipe calls for whole milk to be boiled down into a sweet, fudgy paste. Our shortcut, which uses fat-free sweetened condensed milk, yields an authentic flavor with a fraction of the effort and fat.
Preheat oven to 400°.
Pour the sweetened condensed milk into a 9-inch pie plate, and cover with foil. Place the pie plate in a shallow roasting pan. Add enough hot water to the pan to come halfway up the sides of the pie plate. Bake the milk at 400° for 1 1/2 hours, adding additional water as needed.
Remove the pie plate from the water. Uncover, and stir milk with a whisk until smooth.