Mix sugar and water in a 2-cup Pyrex measure. Boil on high in the microwave for 3-5 minutes, watching carefully at the last through the window. When the syrup reaches a dark golden color, turn off the power.
For Creme Caramel: Pour the syrup (carefully! It's Hot!) into individual custard cups and swirl the cups around to line with the syrup, which will immediately harden. Or, line a larger baking dish. Pour the custard over and bake in the oven according to your traditional recipe. (I have cooked the custards themselves in the microwave as well without problem, but I seem to prefer the oven method.)
For Creme Brulee: Pour the syrup slowly over the top of a baked custard so that it makes a thin smooth layer of hardened caramel. (This is a non-traditional way to get the "burned" sugar topping, but it's a lot easier than all the other complicated ways I have tried with varied results. I love tapping the hard caramel with a spoon when I eat it. It crackles and shatters, making a wonderful contrast with the rich and smooth custard underneath - my favorite dessert!)