Carmelized Bacon

12 slices of bacon
1/2 cup packed light brown sugar
2 tbsp water
1/2 tsp ground red pepper

Preheat oven to 375°. Line a baking sheet with aluminum foil. Spray a wire rack with PAM. Arrange bacon on rack, mix together remaining ingredients, and baste bacon. Bake 25-30 min or until done.