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1. Wash and dry apples; remove stems. Insert a wooden skewer or stick into the stem end of each apple. Place apples on a buttered baking sheet.
2. In a medium saucepan, combine caramels and whipping cream. Stir over medium-low heat until caramels are completely melted, stirring constantly. Working quickly, dip each apple into hot caramel; turn to coat. (If caramel becomes too thick to coat apples, reheat over low heat.) Dip coated apples in nuts. Place on prepared baking sheet to stand until set.