Combine the first 3 ingredients in a heavy, medium saucepan; place over medium heat.
Cover and cook 5 minutes or until mixture boils and sugar dissolves. Uncover and cook for an additional 5 minutes or until the mixture is dark brown and very thick. Remove from heat, and carefully add hot water, stirring constantly. Serve warm.

Yield: 2/3 cup (serving size: 2 tablespoons)