1/2 cup granulated sugar
3/4 cup evaporated milk

In a heavy-based saucepan, dissolve sugar in 2/3 cup water and cook over low heat until it turns a rich golden brown. Remove from heat and gradually stir in another 2/3 cup water. Cover your hand while doing this, as the caramel splatters. Return the pan to the heat and stir until the caramel has dissolved.

Put the milk in a bowl and whip until thick and light. Pour the caramel in, still whipping. Pour the mixture into a container. Cover and freeze until firm, beating well after 1 1/2 hours.

About 30 minutes before serving, transfer the ice cream to the refrigerator.

Serves 4.