Place can of sweetened condensed milk in a saucepan. Pour in enough water to come halfway up the sides of the can; bring to a boil. Reduce heat to medium; cover and cook, adding more water as needed, about 3 hours.
Transfer can to a bowl of ice water using tongs. Let cool completely before opening, at least 30 minutes.
Make sure the pan doesn’t run dry as the can might explode if there’s no water in the pan.
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