Make It
Step 1
Place sugar and 1/2 cup cold water in a saucepan; cook over medium heat, stirring constantly, until mixture is light caramel colored. Remove from heat; stir in 3 tablespoons boiling water all at once. If mixture crystallizes, return to heat and stir until smooth.
Step 2
Preheat oven to 325° F. Pour caramel mixture into a rectangular baking dish or into individual molds; set aside. Beat sweetened condensed milk, 2 cups cold water, eggs and vanilla extract in bowl until smooth. Strain mixture through a strainer and pour into the baking dish or individual molds with the caramel.
Step 3
Bake for about 1 hour (35 minutes if using individual molds) or until set and surface is browned slightly. Let cool; refrigerate.
