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Melt butter in a large, preferably non-stick skillet.
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Add sugar, and stir until sugar is dissolved.
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Add enough water to make a workable glaze mixture.
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Add cayenne and stir well.
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Add nuts and toss until all nuts are well-glazed with sugar mixture.
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Transfer nuts to a foil lined cookie sheet--spray with non-stick spray, if desired.
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Bake at 350^F for 10 minutes.
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Remove from oven, transfer nuts to waxed paper to cool.