Flan de Caramelo (Caramel Custard)

1 can evaporated milk
3 eggs
1 teaspoon vanilla
1/4 cup sugar
1/2 cup sugar (for caramel)
On the upper pan of a double boiler place the sugar with 1/4 cup water to make a caramel.

Mix the milk, eggs, vanilla and sugar and pour in the caramel pan. Place over a double boiler and cover. Let cook over medium heat for 1 hour until the custard is set. Let cool completely and then place in refrigerator. Once cold turn over onto a serving dish and serve.