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1. Heat water in a heavy saucepan and stir in the sugar until it has completely dissolved. Make sure that no granules are left on the inside of the pan. Bring the mixture to a boil on high heat and cook until the mixture has changed to a light amber. Periodically swirl the pan or gently stir the mixture (very little direct interaction is required). Reduce heat to medium and continue to boil until the caramelized sugar reaches a deep amber/brown (at least 10 minutes). Do not under-caramelize, but take care not to burn.
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2. Meanwhile, mix the heavy cream, salt, and vanilla extract. If using a vanilla bean, slice the bean lengthwise and scrape the seeds into the mixture. Thoroughly stir and, if time allows, warm in a separate pan or in the microwave to minimize the steam that will be produced when it is added to the caramelized sugar (not essential).
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3. Remove the caramelized sugar from the heat and carefully pour in some of the heavy cream mixture. Be careful, and don't do this with your hands above the pan. A lot of bubbling and steam are produced. One the bubbling has subsided, continue to stir and carefully add the rest of the heavy cream mixture until your caramel sauce is uniform.
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Notes:
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Using a vanilla bean is optional, in which case only vanilla extract is used. However, if a bean is available, it will add an extra layer of richness and complexity to the flavor.
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This sauce stole the evening at a fondue party!
