Step 1 COMBINE evaporated milk and caramel topping in microwave-safe bowl. Microwave on HIGH (100%) power for 2 minutes or until piping hot. Whisk vigorously until frothy on top.
Step 2 COMBINE water and coffee granules in small pitcher; stir to dissolve. Divide between 3 mugs.
Step 3 GENTLY pour milk mixture evenly into each mug, spooning foam on top. Thinly drizzle foam with additional caramel topping, if desired.
Tip No whisk? No problem! Carefully pour mixture into blender; cover. Blend on high for 1 minute or until very frothy on top.