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1. Line an 8x8 baking dish with parchment so excess paper hangs over edges. Spray pan with nonstick spray.
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2. Over medium heat, warm cream, butter, and salt in the sm. saucepan until melted. Remove from heat.
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3. In large saucepan, combine sugar, corn syrup, and water. Stir until you form a thick grainy paste. Wipe down the sides of the pan with a damp pastry brush so there are no sugar crystals above surface of the sugar mixture. Clip instant-read thermometer to the side of the pan so that the tip is immersed in the sugar. Do not stir the sugar after this point.
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4. Place pot of sugar mixture over medium/medium-high heat. Let syrup come to a boil without stirring. Around 250u00b0F, syrup will turn transparent and boil rapidly. Around 320u00b0F, it will darken slightly. You can proceed to the next step any time after the syrup reaches 250u00b0F and before it reaches 325u00b0F.
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5. Remove syrup from heat. Slowly add warm cream mixture while whisking gently. The sugar syrup will bubble up. Stop whisking once all the milk and butter mixture has been added.
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6. Return pan to medium/medium-high heat. Let the caramel come to boil without stirring. It will eventually darken to reddish-brown caramel. Remove from heat when the caramel reaches 245u00b0F to 250u00b0F.
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7. Quickly whisk vanilla into caramel.
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8. Immediately pour caramels into mold. Do not scrape the pan (there are sometimes hard burnt bits on the bottom). Bang pan against counter a few times to remove air bubbles.
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9. Allow to cool for at least two hours or overnight. Once the caramels have cooled to room temperature, cover the pan.
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10. Lift caramel out of pan by the parchment paper flaps. Cut into candies with a very sharp knife sprayed with PAM.
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11. Cut squares of wax paper a little longer than your caramels. Wrap each caramel in wax paper and twist the ends closed. Caramels will keep at room temperature for about two weeks.
