Caramelized onions are one of those magic ingredients. They add amazing flavor to the most simple of meals, require very little energy to prepare and make other people think that you are an extraordinary cook. All it takes is a nice, big skillet (I use a 12 inch cast iron one), five or six large onions cut into thin rings and some time.
Pre-heat the skillet for a few minutes before adding a small amount of olive oil (around a tablespoon). When the oil coats the bottom of the pan and shimmers, add your mountain of sliced onion (at the beginning of cooking, that pan was filled to the brim with onions) and immediately turn the temperature down to low. The secret to making gorgeous caramelized onions is that you want to cook them on the lowest temp your stove can manage while still producing heat. Then, every 10 or 15 minutes, move them around the pan with some tongs. You want them to darken but not blacken. The goal is to cultivate and enhance the sugars in the onions without creating an acrid flavor. You know they are done when you take a taste and they are soft and sweet, with no crunch at all.
Caramelized onions are great for a vast number of dishes. They make an amazing appetizer on a toasted baguette with brie, they're fabulous on homemade pizza with fresh mozzarella, they can serve as the base for french onion soup and they elevate a regular sandwich from basic to amazing. And they keep in the fridge for a couple of weeks.
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