Cook whipping cream in a heavy saucepan over medium heat, stirring occasionally, until almost boiling. Remove from heat; set aside.
Sprinkle sugar in a heavy saucepan; drizzle with water. Place over medium heat, and cook, shaking pan constantly, until sugar melts and turns light golden brown. Gradually add hot whipping cream to caramelized sugar, stirring constantly. Cook over low heat, stirring constantly, until blended. Stir in butter.