no sir, that's caramel.. !

you take a can of sweetened condensed milk, peel the label off, then place it in a pot of boiling water for like 8 hours. do it while you're cooking so you can keep the water level above the can.

 @adm750: wow I have never tried that method… my lady was a pastry chef in Whistler growing up and so she does the sugar in a pan with cream version.