Prepare an 8x8 pan by lining it with aluminum foil and spraying the foil with nonstick cooking spray.
Place chocolate chips in a large microwave safe bowl. Microwave until the chips are melted, stirring after every 45 seconds to prevent overheating.
Once the chips are melted, add the marshmallow cream and the water and stir until the mixture is smooth. Pour it into the prepared pan and smooth it into an even layer. Place the pan in the refrigerator to chill the mixture while you prepare the caramel.
Place the unwrapped caramels in a microwave safe bowl with the cream. Microwave until the caramels are melted, stirring after every minute. Stir until the caramel-cream mixture is smooth and well mixed. Pour the caramel over the chocolate layer in the pan and spread it into a smooth layer. Refrigerate the candy to set the chocolate and caramel, at least 4 hours or overnight.
Once the chocolate and caramel layers are completely set and firm, prepare the chocolate for dipping. Place the chocolate candy coating in a large microwave safe bowl and microwave it until melted, stirring after every minute to prevent overheating. Stir the melted chocolate and allow it to sit at room temperature for about 5 minutes to cool slightly.
While the chocolate is cooling, remove the candy from the refrigerator, and pull up on the foil to lift the candy from the pan. Using a sharp knife, cut the candy in half, then cut each half into five pieces, for a total of 10 candy bars. Line a baking sheet with foil and set it nearby.
Using two forks or dipping tools, submerge one bar in the melted chocolate, caramel side facing up. Bring it out of the chocolate and place it on the prepared baking sheet. Repeat the dipping with the remaining bars and chocolate. Place the bars in the refrigerator for 10 minutes to set the chocolate. Once set, the bars can be served immediately.