An old yet easy method of making caramel is to boil condensed milk (yup in can), for about four hours and letting it cool for another two hours or more to avoid an untoward incident. This takes patience of waiting and refilling the pan to make the water always cover the canned milk. And of course steady and contionous fire to maintain water at it's boiling point. That's why we always do this in the dirty kitchen where less expensive fuel is abundant. But after this tedious process, you'll have an instant caramel. Though not actually instant as in fast, but instant meaning less complications in the actually food preparation. It's taste would also be dependent on the condensed milk used. Only imagination limits the use of this caramel aside from cakes, shakes, sandwich filling and many more.