Preparation / Directions:
Place the sugar in a small heavy saucepan and melt over low heat, stirring constantly. When the sugar turns golden brown, dip the bottom of the saucepan in cold water to stop the cooking. Immediately pour the caramel into a 1 quart ovenproof mold, rolling it around the sides to coat the mold evenly.
Beat the eggs until frothy. Combine the condensed milk, water and vanilla and beat the mixture into the eggs. Pour the custard into the caramelized mold.
Place the mold in a larger pan and add water to come halfway up the sides of the mold. Bake in a 350 degree oven 1 to 1 1/4 hours or until a knife inserted in the center of the custard comes out clean.
Cool to room temperature then place in refrigerator 3 hours. Unmold the flan on a serving plate. Ignite the heated rum, pour it over the flan and bring it to the table flaming.