Melt butter in a large skillet over medium heat; cook cabbage in the hot butter until it begins to soften, 1 to 2 minutes. Season with salt. Pour in water, red wine, and red wine vinegar. Stir to combine. Mix in sugar and caraway seeds.
Continue to cook and stir until liquid has evaporated and cabbage is tender, about 5 minutes. If cabbage isn't quite tender, add a splash of water and continue cooking a few more minutes.