1/2 c. butter
2 c. brown sugar
1 c. light corn syrup
2 tbsp. water
1 can sweetened condensed milk
1 tsp. vanilla

Combine first four ingredients and bring to a boil over medium heat. Stir in sweetened condensed milk and stir until it reaches 230 degrees. Remove from heat and add vanilla. Slice apples and dip in caramel.