For equipment, you’ll want a 3 or 4 quart saucepan. Stainless steel and copper are great choices because they help prevent sugar crystallization. You might think 4 quarts is too large, but you’ll realize why I suggested it as soon as you add the cream: It will bubble. A lot. If your pan is too small, your caramel will bubble over.
You’ll also want to make sure you have a good candy thermometer. Don’t skimp on this one—you really do need it! Achieving the correct temperature is the key to a successful caramel. That candy thermometer will prove to be a great investment, since you’ll probably want to make this recipe again… and again (wink, wink).