Dissolve
the sugar in the cold water in a large heavy-based
saucepan over low heat.
When the sugar has dissolved
completely, bring the mixture to a boil. Boil for
about 15 minutes, or until the syrup has become a
light caramel color.
Pour 2 inches (4
cm) of cold water into a large
roasting pan. Remove the saucepan with the sugar
from the heat and place it in the cold water to stop
the cooking process.
Add the hot water immediately, taking care as the
hot sugar will spark. Mix well.
Arrange the oranges on a serving plate.
Pour the caramel over the oranges and let cool.