In a large, deep saucepan, spread the sugar in an even layer and place over low to medium-low heat. Watch it carefully. Once it starts to liquefy around the edges, use a rubber spatula to very gently stir it towards the center. Continue gently stirring until all of the sugar is melted, but take care not to over stir. Once the caramel reaches a deep amber color, immediately remove it from the heat.

Carefully whisk in a splash of water at a time, whisking constantly until each bit of water is absorbed. The sugar will steam and sputter with the first few splashes. Once you can add a splash of water without it steaming so violently, gradually whisk in the rest of the water until the mixture is totally combined.

If any sugar has hardened, place the saucepan over low heat and whisk until smooth. Cool slightly, then transfer to a bottle and store in the refrigerator.