) I love this recipe because you don't need a candy thermometer--and it's quick and tasty. I make it all the time for occasions. You only need a handful of ingredients, a pot, whisk and something to pour the caramel into. It does require all of your attention, and a lot of stirring.
1 & 1/2 sticks butter (that's 12 tablespoons)
1/2 cup sugar
3 tablespoons light corn syrup
14 oz sweetened condensed milk (cans usually come in this size, at least in the US)
1/2 teaspoon vanilla extract
Start by dumping your butter and sugar into a pot on medium heat. Mix them as the butter melts. When your butter is all melted, add the corn syrup and sweetened condensed milk, mixing well; you want a homogeneous mixture. Keep stirring so nothing burns to the bottom of the pot. Once the mixture comes to a boil (and do let it come to a full boil; pictured), reduce heat to a simmer. It will still be bubbling a little while it simmers.
At this point take a sample out of the pot and set it aside. With no thermometer, color is an important indicator in this recipe. The first time I made it, the color change was so gradual I wasn't sure that my caramel was darkening in color, or when it would be done. It felt like I had been stirring for forever! So, now I put a little on a spoon and keep it as a measuring stick for the caramel in the pot. By comparing the two, I know when I'm done (and also that I'm not going insane).
Now, the real stirring begins. This will take about ten minutes (sometimes longer). Don't worry about over cooking this. Just keep stirring, but not vigorously or you'll wear yourself out. (note: if your butter is separating, then you should stir vigorously. Use a rotary or electric beater if necessary. If it won't behave, don't worry too much, you'll just be left with greasy caramels) You want to give it time to reach a deep golden color, the color of caramel candies, and start to pull away from the edges of the pot. If you don't, your caramel won't harden, and you'll be left with a (still tasty!) caramel syrup or goop. 
Finally, stir in the vanilla. Pour the caramel into a pan (preferably lined with something non-stick) and leave it alone to cool for a while. After a few hours, you can cut it up into squares. And eat them all I like to wrap them in wax paper for storage and gifting.
I'll add one more picture here of the finished caramels, if they harden and I can cut and wrap and photograph them before the deadline.
Right now I'm worried they'll take too long, so I'm posting with just the step-by-step pictures. Kids, this is why you shouldn't procrastinatetl;dr spoiler
Spoiler
1 & 1/2 sticks butter
1/2 cup sugar
3 tablespoons light corn syrup
14 oz sweetened condensed milk
1/2 teaspoon vanilla extract
Over medium heat, combine butter and sugar until butter is melted. Mix in corn syrup and sweetened condensed milk. Bring to a boil, stirring continuously. Reduce heat. Simmer mixture until it achieves a deep golden color, about ten minutes. Stir in vanilla. Pour into greased or lined pan. Cool. Cut into pieces and serve.
1/2 cup sugar
3 tablespoons light corn syrup
14 oz sweetened condensed milk
1/2 teaspoon vanilla extract
Over medium heat, combine butter and sugar until butter is melted. Mix in corn syrup and sweetened condensed milk. Bring to a boil, stirring continuously. Reduce heat. Simmer mixture until it achieves a deep golden color, about ten minutes. Stir in vanilla. Pour into greased or lined pan. Cool. Cut into pieces and serve.
