Line an 8-inch square baking pan with a double-thickness of foil; coat well
with cooking spray.
Place all ingredients in a heavy, deep-sided saucepan; attach a candy thermometer
to the side of the saucepan. Bring mixture to a boil over high heat, stirring
constantly. Lower heat to medium and continue cooking, stirring constantly,
until mixture reaches 245 degrees F.
Immediately pour caramel mixture into prepared pan; cool and refrigerate
for 3 hours or more, until completely firm.
Using foil, lift caramel slab from prepared pan. Pull the foil down from
the sides of the caramel.
Using a long knife, trim the edges off the caramel
slab (these are ideal for nibbling!), and then cut the block of caramel into
8 rows. Cut each row into 8 squares, creating 64 caramels.