Warm the cram in a small saucepan over low heat. Once it has begun to simmer, remove from the heat and cover.
In a medium to large heavy sacuepan, mix the sugar with the water over medium heat.
Stir until the sugar dissolves. Continue to stir constantly, scraping down any crystal that might form on the side of the pan with a brush.
Continue stirring until the mixture turns a light amber color. Immediately remove from the heat.
Slowly, and very carefully, add in the cream. Be careful, it will splatter somewhat.
Return to a medium heat stove and stir continuously. Some clumps of sugar may for on the bottom of the pan. Use your whish or wooden spoon to break up the sugar. Simmer for about 2 minutes.
Remove from the heat and continue stirring until smooth. Stir in the vanilla.
Serve warm or at room temperature.