Homemade caramel is fantastic! I'll walk you through the recipe so you know exactly what to do. Then you get to choose if you want to dip them in chocolate.
Clip on a candy thermometer, cook stirring constantly until temperature reaches 232F or until mixture forms a soft-ball. (origial recipe calls for a temperature of 240F (115C) but I though that the caramel was too hard. Pour into prepared pan do not scrape the sides of the pan. Let sit for 24 hours before cutting. Makes about 117 1-inch pieces.
Recipe from "Candymaking", which is one fabulous candy recipe book.