Preheat oven to 350 degrees. In medium saucepan, over low heat, melt caramels with sweetened condensed milk, butter, vanilla, and salt. Remove from heat. In large bowl, beat eggs in water. Add caramel mixture; mix well. Stir in bread cubes and pecans; let stand 5 minutes. Stir; pour into greased 9-inch square baking pan. Bake 40-45 minutes, or until knife inserted into center comes out clean. Serve warm. Refrigerate left-overs. Serves 6-8. From Home Cooking Nov '95 issue.