Combine in a 4 qt. glass bowl:
2 C. Sugar
2 Cubes Butter
1 C. Light Karo
Microwave uncovered for 5 minutes. Stir well.
Gradually stir in 1 can sweetened condensed milk.
Microwave on high for 10-12 min (depending on how hard you want the caramels) stirring every 3 min using a clean spoon.
Stir in 1 tsp. Vanilla and pour into a buttered 9x13 dish.