In a large heavy saucepan, combine the first three ingredients. Cook and stir over low heat until sugar is dissolved. Bring to a full rolling boil. Boil and stir until a candy thermometer reads 234°, about 5 minutes.
Remove from the heat; stir in chocolate chips and caramels until melted. Stir in remaining ingredients until well blended. Pour into a greased 13-in. x 9-in. pan. Chill until firm. Cut into squares.