Also known as caramel, Dulce de leche is very much used all around Latin America and Eastern Europe. Very easy to make out of sweet condensed milk, but this method, instead of cooking the closed tin for quite some time, cooks the condensed milk in the oven, with no tin, in a glass dish.
In order to avoid spilling and burns, I use this trick when cooking in a water bath: put both dishes (one inside the other one) in the oven and then fill up the large glass dish with hot water.
Don't worry if once the cooking time is up and you haven't achieved the exact caramel colour you were expecting, once it cools down, it will darken. If you are tempted to cook it longer, it will harden and overcook, resembling more like a hard toffee than actually caramel.