Here's the recipe:
4 cups crispy rice cereal (Holiday Rice Krispies)
1 (14 ounce) can sweetened condensed milk
1 cup margarine
30 individually wrapped caramels, unwrapped ( we used 45)
1 (16 ounce) package large marshmallows
(we cut our marshmallows in half using wet kitchen scissors so they didn't stick)
Line trays with waxed paper. Pour rice cereal into a shallow dish or bowl.
In a double boiler, combine condensed milk, margarine and caramels. Cook, stirring, over simmering water, until melted and smooth.
Using two forks, dip marshmallows one at a time into caramel mixture, then roll in rice cereal. Place on waxed paper until set.