Have all your ingredients ready. Once the process starts it goes very quickly.
Caramalize water and sugar - use your favorite method. If it turns to a deep amber color and does not seize, skip to step 5.
IF your sugar starts to seize there is a way to save it. quickly pour in half a can of the coconut cream and stir. Stir like the wind! Whatever happens, KEEP STIRRING. Some sugar may start to crystallize at this point but whatever you do, DO NOT STOP STIRRING. Keep the heat to medium-low.
Ultimately the mixture should thicken and gradually turn brown. As the mixture thickens you can slacken your speed. Add the rest of the coconut cream just as the mixture turns brown amber. Again, stir. Watch out for steam. If the mixture becomes too thick, add half the second can of coconut cream. Add the vanilla and margarine and stir with the heat OFF. Well, you did it. you made caramel from what I call "the back door".
IF your sugar turned into a deep amber color and did NOT seize, then SLOWLY add the can of cream of coconut now, stirring constantly, and watch out for steam. Add the margarine and cook until desired consistency, stirring constantly.
Turn off the heat and let it cool enough to where it's safe to handle then pour it into a container to serve or store. Add the vanilla and mix well. If it's too thick add half of the other can of coconut cream. If it's thicker still add more, otherwise you should be good to go.
Makes 2 to 3 cups.