What's the difference you ask? Dulce de leche is milk based, it literally translates to sweet milk. Caramel is sugar based. It's cooked sugar and water to a certain precise point. The word caramel is of French origin meaning "burnt sugar."
All I did was put 2 cans of sweetened condensed milk in my crock pot on low for 8 hours. Take of the paper around the cans and make sure the cans are submerged and stay submerged through the process. They usually turn the last hour or so. I left one can in approximately 30 minutes longer than the other and it was a little thicker. The cans will look a little rusty too, no worries they will come out fine. It did leave a slight ring in the bottom of my crock pot. I read on someone else's blog that they put a towel under the cans to prevent the rust transfer to the crock pot.
Here are some pictures.
I used it to dip apples. It wasn't as firm as caramel, but it was quicker and still very yummy!