1. In a large saucepan, stir together the sugar and cornstarch. Stir in the butter, salt, corn syrup and water; mix well. Bring to a boil over medium heat, stirring as you melt in the butter
2. Heat to 275 degrees F (134 degrees C), or until a small amount of syrup dropped from a spoon forms hard but flexible threads
3. Remove from heat, and stir in the vanilla, flavored extract, and food coloring. Pour into a greased 8x8 inch baking dish
4. When cooled enough to handle, remove candy from the pan, and begin to pull until it loses its shine and isn't sticky and becomes stiff. As taffy becomes stiff, pull into edible sized taffy ropes. You can use scissors to cut into 1-inch pieces, or using the back-end of a butter knife you can break into pieces. Wrap each piece in waxed paper
5. Store in a container with a tight-fitting cover