Ingredients:
1 (16 oz bag) marshmallows
1 (14 ounce) package caramels
1 (14 ounce) can sweetened condensed milk
1 cup butter or margarine
5 cups crisp rice cereal
Directions:
Line a cookie sheet with wax paper to set the finished marshmallows on. In a heavy saucepan over medium-low heat, combine caramels, milk and butter. Cook and stir until caramels are melted and the mixture is smooth. Dip marshmallows in caramel mixture; roll in cereal.