In a large skillet, combine the butter, water, lemon juice, garlic, cayenne pepper, salt and pepper. Bring to a simmer over medium heat.
Add the broccoli to the pan, stir to coat, and cover with a lid. Cook for 10 to 15 minutes over medium-low heat, stirring once, until broccoli is tender but still bright green. Serve warm, or refrigerate and serve cold.