Special equipment: Waxed paper 1 large craft stick
Heat the oven to 350 degrees F.
Grease and flour 2 (1 1/2-quart) oven-safe bowls. Combine the first 6 ingredients in a large bowl mixing bowl. In a separate bowl, beat together the remaining cake ingredients, then add this mixture to the dry ingredients, and beat until well mixed. Pour the batter into the prepared bowls and bake for 60 to 70 minutes or until a knife inserted in the center comes out clean.
Allow the cakes to cool in the bowls for 10 minutes, then remove them from the bowls, and set them inverted on wire racks to cool completely. Once they have cooled, turn over the cakes and use a long knife to even the tops.
To make the topping, place the caramel candies and water in a medium bowl and microwave on high power for 1 minute. Stir, then heat 30 to 45 seconds more until the mixture is smooth and forms a slow, thick ribbon when dropped from a spoon.
Layer the cakes (flat sides together), using a few spoonfuls of the caramel to help hold them in place. Pour the remaining sauce over the cake. The caramel will run down the sides of the cake to cover it completely, or you can spread it with a knife while it's still warm. Let the caramel set for about 20 minutes before pressing the walnuts onto the bottom half of the craft stick with waxed paper and insert the covered end into the top of the cake. Refrigerate or serve immediately.