Step 1: Add one cup of sugar to a frying pan. Heat pan at a setting either one or two notches above low (the idea is you want the sugar to caramelize fast but not so fast that it burns before you get to step 3).
Step 2: Once the sugar is about 80% caramelized, immediately add two cups of water at room temperature. There will still be little lumps of suger in the mixure in addition to the caramelized sugar, don't worry about it once the water is added the whole thing is going to harden up. Allow the water to heat up and dissolve the now hard carmalized sugar/lumps of sugar mix. Go to step 3 immediately!
Step 3: (the tricky part): Leave the mixture on the heat until the color starts to look like the color of Budweiser or just a little bit darker, then completely turn the heat off to it. Allow it to cool to room temperature.
Step 4: Add 1 part Everclear to 3 parts newly made mixture and add Maraschino Cherry juice to your liking (usually just enough to turn the entire thing to an amber color).
Step 5: Let cool in refrigerator, and serve.