In slow cooker, combine caramels and water. Cover and cook on high for 1 to 1 1/2 hours, or until caramels are melted, stirring frequently.
Meanwhile, line a baking pan with wax paper; butter the paper.

Wash and dry the apples. Insert a stick into stem end of each apple. Reduce crockpot heat to LOW.

Dip apple into hot caramel; turn to coat entire surface. Holding apple above pot, scrape off excess accumulation of caramel from bottom apple.
Place coated apples on prepared wax paper in pan. As you near the bottom of the pot, use a spoon to spoon hot caramel over apples. Put the pan of coated apples in the refrigerator to set thoroughly.