We are making the caramel sauce first. Part will be reserved as a glaze. The rest will be used for the frosting.
Using a large saucepan (deep enough to prevent boil over) melt the butter over medium heat.
Add the brown sugar, whipping cream, salt, and light corn syrup.
Stir to blend, try to keep mixture off the sides of the pan. Once the mixture begins to boil, reduce the heat to low.
Simmer for 6 minutes, checking often to make sure that it is not going to boil over. It should still be bubbling. After 6 minutes, remove from heat.
Allow the caramel to cool in the pan for 15 minutes. Scoop one cup from the saucepan and reserve it in a bowl. This is what we will use or the caramel glaze in between the cake layers as well as on top.
The remaining caramel (approximately 2½-2¾ cup) will be used for the frosting. Pour into a heat proof mixing bowl.
Add the confectioners sugar to the hot mixture bit by bit, mixing at medium speed until smooth.
The mixture will thicken as the powdered sugar is added.Add a small amount of very hot water (one teaspoon or tablespoon at a time) as needed until the frosting reaches a good consistency for spreading. Makes about 4-4.5 cups of frosting. When not using the frosting, place plastic wrap over the bowl.