Preheat oven to 375° F
In a medium saucepan, combine brown sugar, butter and water.
Heat until brown sugar just bubbles and butter is fully incorporated, stirring frequently,Bake on bottom rack of oven at 375° F for 15 minutes. After 15 minutes turn oven back to 325° and move pie to a middle rack.

Bake approximately 20 minutes, or until only the center shakes like custard. Center temperature should be 175° F to 185° F degrees. Don't let the center get hotter than 185°. Trust me, lol! This is important, as the high sugar content will cause this pie to weep very easily if you allow the temperature to get too high. The filling should look loose in the center, Once you take it out of the oven the residual heat from the outer parts of the pie will radiate into the center and cook it to perfection.

Place the pie into the 450° F oven for 6 minutes, until meringue is light golden at the tips. Rotate at 4 minutes for even browning.
Remove pie from oven and let cool to room temperature.
Cover, let cool, and refrigerate. Serve cool. (Although a warm slice is brown sugar heaven, the ingredients need to settle for pretty slices!)