Bubble-ring Coffeecake

21 caramels
1/2 cup hot water
* * *
1/3 cup butter or margarine, melted
2 tablespoons sugar
1/2 cup California walnut halves
2 packages refrigerated biscuits

Melt caramels in water in top of double broiler over boiling water, stirring now and then. Brush inside of 61/2-cup ring mold with part of melted butter; sprinkle sugar over bottom and sides to coat. Place ring of walnut halves, flat side up, in bottom and pour 1/3 of caramel sauce over. Cover with layer of biscuits (you'll make 3 layers in all). Brush with melted butter and dot with half of walnuts. Pour half of remaining sauce over. Cover with another layer of biscuits; brush with butter and again dot with half of walnuts. Pour half of remaining sauce over. Cover with another layer of biscuits; brush with butter and again dot with walnuts. Pour remaining sauce over; cover with last layer of biscuits and brush with butter. Bake in moderate oven (375F) 25 to 30 minutes or till done. Turn coffeecake out from pan immediately and serve warm. Makes 8 servings.