This was a whiskey fudge experiment that turned into fantastic caramel, and it's fairly simple to make! (I'll see if I can add a picture later.)
1 can condensed milk
1/2 tsp salt
5 cups sugar
1 stick butter
1/2 cup whiskey (I used Makers brand bourbon, an excellent kind of smokey whiskey)
1 tsp vanilla
Mix the condensed milk, salt, and the sugar in a saucepan on med/high heat until the sugar is completely dissolved.
Add the butter, vanilla, and whiskey.
Keep stirring over medium heat until the mixture looks thick--there will be a stage when it is puffed up and foamy, and then it will sink back down and thicken. When the mixture has reached the soft ball stage (it forms a soft ball when a small amount is dropped into cold water), take it off the heat.
You can serve it hot over ice cream, wrap it up in wax paper for individual caramels, or (like I did) pour it into a buttered 9x13 pan and scoop it out with a spoon whenever you get the urge! I imagine you could can it as well, and store it in your pantry for a special meal or a tasty holiday treat!