To make the caramel, combine 1 cup sugar and the water in a medium stainless steel saucepan. Stir to dissolve the sugar. Heat the sugar and water mixture over medium-high heat. Caramelize the sugar mixture by letting it gently boil, but do not stir. It should take 10 to 14 minutes for the mixture to turn a deep yellow/orange color. When it does, turn the heat to low. Slowly add the cream to the caramel, whisking vigorously. The mixture will be bubbly and will give off steam, so be careful. Remove the pan from the heat.