Spray 2 large, rimmed baking sheets with nonstick cooking spray.

Heat the oil in a large, heavy pot over medium-high heat until it is hot but not smoking. Add the popcorn kernels and cover the pot. Using pot holders, shake the pot constantly over the heat as the kernels pop, about 5 minutes, or until the kernels stop popping. Immediately spread the popcorn out on the prepared baking sheets.

Stir the sugar, salt and 1/4 cup water in a small heavy saucepan over low heat until the sugar dissolves, occasionally brushing down the sides of the pan with a wet pastry brush. Increase the heat and boil without stirring, occasionally brushing down the sides and swirling the pan, until the syrup is a deep amber color, about 8 minutes.

Working quickly, drizzle the hot caramel over the popcorn and toss with 2 wooden spoons to coat the popcorn lightly. Be careful not to get hot caramel on your skin. Allow the caramel corn to cool slightly then run for the sofa!