1 (14 oz.) bag caramels, unwrapped
2 tbsp. butter
2 tbsp. cold water
8 c. crisp rice cereal

Microwave caramels, butter and water in 1 quart glass bowl on high 2 1/2-3 1/2 minutes, or until smooth, stirring every minute. Pour over cereal; toss until well coated.

Press into greased 9 x 13 inch pan (I have pressed directly into Tupperware 9 x 13 inch rectangular container and it has worked well also). Let stand until firm. Cut as desired.