1. In large saucepan pour water, sugar and red hots over high heat and bring to a low boil.
2. Reduce heat to medium/high, add apple slices and let cook at a simmer for 20 minutes, stirring every few minutes then reduce heat to medium.
3. Add in food coloring til get a nice bright red color and cook for 40 more minutes at a low simmer. 3. Check frequently that water does not cook away. Add more if water becomes to low during the first 20 minutes and again during the first 20 minutes of the 40 minutes. But at the end of the full hour, only a small somewhat thick sauce should remain.
4. Remove from heat, pour into a container and allow to cool. Refrigerate for at least 30 minutes to chill before serving if wishing to serve cold, or just as delicious to eat it warm when serving as a side dish.