1Measure cereal and pecans prior to melting caramels.
Spray cookie sheet with Pam.
Set oven to 300 degrees.
Have foil/waxpaper ready
2Melt caramels and water over low heat, in a large pan, until completely melted and smooth.
3Remove from heat and gently stir in cereal/pecans. Mixture will not be completely covered at this time.
4Pour onto cookie sheet,spread out,and put in oven for 15 minutes.
5Remove from oven and stir gently to distribute caramel more. Put back in oven for 10 more minutes.
6Remove from oven and pour onto foil/waxpaper and spread out. Cool about 10 minutes and break into pieces. Store in airtight container.