This is one of my very favorite things to make during the holidays. Though I would recommend waiting until kiddos are sleeping - candy can't be interrupted! (especially by potty training...not that I have EVER tried both in the same evening...crazy mother!)
Lion House Caramels
1 cup butter
1 cup brown sugar
1 cup white sugar
1 cup light corn syrup
1 14 oz can sweetened condensed milk
dash of salt
Combine ingredients in heavy pan. I use a larger one because when the candy is boiling it gets big! Cook over medium heat, stirring constantly with wooden spoon until temperature reaches soft-ball state on candy thermometer ( 235° F–240° F). I wouldn't ever go longer than 15 minutes but it totally depends on your pan size and thickness. Pour into buttered 9 x13'' pan (this is one recipe where I really truly butter the pan and not just PAM spray - pretty thick too. Nothin' worse than caramels that won't come out!!! ). Cool, cut into squares (cut one row at a time with a pizza cutter and it makes it so much easier!), and wrap in wax paper and repeat after me "one in wax paper, one in my mouth. one in the paper, one in my mouth!" . Makes about 75 pieces.
Go here for great candy cooking instructions.