Place all ingredients except for vanilla in a med saucepan. Stir over medium heat until sugar is dissolved. Bring to a boil, boil for 2 1/2 minutes stirring as it boils. Remove from heat and add vanilla. Cool in pan for 10-15 minutes. Beat with wooden spoon until spreading consistency. If it becomes too thick, add small amount of the evaporated milk. Marylou's notes: You can use a mixer but it does firm up pretty quick. If you added pecans to this and spread it in a buttered pan, it becomes fudge!