To Make the Caramel:
Mix the sweetened condensed milk with the bourbon and pour the mixture into an 8-inch pie plate.Cover the pie plate with aluminum foil. Pour about ¼-inch hot water in a larger shallow pan. Place covered pie plate in pan and bake at 425 degrees for 1 hour and 20 minutes or until condensed milk is thick and caramel colored (add hot water to pan as needed). Remove foil when done,