Preheat oven to 350 degrees. Unwrap caramels and place in a mini-baking bowl. Add evaporated milk, chocolate morsels and vanilla and stir with a spoon. Bake for 30 minutes. Using oven mitts, remove mini-baking bowl to a oven pad. Stir with spoon until mixture is smooth. (don't worry if there are a few small pieces of unmelted caramel). Serve with your favorite dippers and enjoy!