In a large mixing bowl, combine the crumbled bread with the milk, stir to mix and let stand for 1 hour. Meanwhile, preheat the oven to 200 degrees F. and place a 2 quart baking dish in it to heat up. In a small saucepan over medium high heat, combine 1 cup of the sugar, the butter, and water. Stir together until the mixture begins to bubble and turn a caramel brown color, about 10 to 12 minutes. Remove the baking dish from the oven and pour the caramel into it, swirling to coat the bottom and up the sides of the dish evenly. Set aside to cool.

Turn the oven up to 325 degrees F. In another mixing bowl, beat together the eggs, remaining 1 1/2 cups sugar, and the vanilla until well blended. Stir the egg mixture into the bread and milk mixture, then stir in the oranges, almonds, and raisins. Pour the mixture into the prepared baking dish and bake on the middle rack of the oven for 1 1/2 hours. Cool slightly and serve warm, or cover with plastic wrap after cool and refrigerate for 30 minutes to 3 hours before serving.

Note: To toast almonds, preheat the oven to 350 degrees F. Spread the almonds on a cookie sheet and toast in the oven until golden, 8 to 10 minutes. Set aside to cool.