Place all ingredients in a heavy 3-quart saucepan; bring to a boil, stirring constantly, over medium-low heat. Cook, stirring constantly, 3 to 5 minutes or until mixture reaches a pudding-like thickness. Remove from heat.
Quick Caramel-Pecan Frosting: Prepare Quick Caramel Frosting as directed; remove from heat, and stir in 1 1/2 cups chopped toasted pecans.
Quick Caramel-Coconut-Pecan Frosting: Prepare Quick Caramel Frosting as directed; stir in 1 1/2 cups sweetened flaked coconut and 1 1/2 cups chopped toasted pecans.