1½ cup sugar
1 (14 oz) can sweetened condensed milk
1 cup water
1 tsp vanilla or rum extract
Caramelize sugar by pouring into a heavy saucepan and stirring continuously with a wooden spoon over a low flame until sugar melts and turns golden brown.
Pour sugar immediately into a 1-quart baking dish, coating the bottom and side evenly (accomplished by holding baking dish in your hands and carefully tilting to coat sides).
Be careful pouring hot sugar as it can cause severe burns!
Allow sugar to cool.
Prepare custard by beating eggs, adding milk and vanilla; mix well.
Pour into baking dish and set it into larger pan containing 1-inch of hot water.
Bake at 350° F for 1–1½ hours or until knife inserted comes out clean.
It should be golden brown on top.
To serve: Loosen around sides with a spatula and turn onto a serving dish.
Chill and serve with the sauce created from the baking dish.