1 14-oz. package Kraft caramels 1 14-oz. can sweetened condensed milk 4 T. butter 50 to 60 large marshmallows (fresh and soft are the best!) 8 c. Rice Krispies cereal preparation Melt caramels, sweetened condensed milk, and butter in a double boiler. You can also use a microwave, but watch it carefully so it doesn't scorch, and stir regularly. Individually dip marshmallows into the caramel mixture, letting excess caramel drip off. Then roll in Rice Krispies. Place on wax paper to set.