In a large pot place rice, water and sugar and bring to boil.
Reduce heat to very low and let it simmer for 45 to 60 min. or until rice is about double in size.
Add the evaporated milk and vanilla,stir and bring back to boil
Meanwhile in a metal oven pan add the caramel ingredients and bring to the boil over medium high heat, stirring until the sugar melts.
Let it boil until it becomes golden brown in color (but watch it closely as it could burn easily)
Remove from heat and pour the pudding onto the hot caramel in the pan. (be careful as it could spatter)
Bake at 380 degrees f (200 c) for 20 min. or until the top is light golden brown.
Serve hot or let it cool then refrigerate and serve cold. (I like it both ways)