Keep popped popcorn warm in deep roasting pan in oven at 200°F. Melt caramels in heavy saucepan over low heat, stirring occasionally, about 15 minutes. Add corn syrup and water and mix until smooth. Slowly pour over popcorn in large bowl or pan, mixing well. Shape into balls, using JOLLY TIME® Pop Corn Ball Maker or buttered hands. Let set until firm on foil or buttered wax paper. Wrap in plastic wrap; tie with a ribbon.