Marshmallow Porcupines

1 can sweetened condensed milk
1/2 cup margarine
1 package caramels, unwrapped
1 package large marshmallows
2 cups Rice Krispies

Combine milk, margarine and caramels in double boiler over simmering water until melted. Individually dip each marshmallow in mixture with a wooden pick, then roll in Rice Krispies. Cool on wax paper.