In a large saucepan, stir together the sugar and cornstarch. Add the butter, salt, corn syrup and water; mix well. Bring to a boil over medium heat, stirring to mix in butter. Heat to 275 degrees F (134 degrees C), or until a small amount of syrup dropped from a spoon forms hard but pliable threads.
Remove from heat, and stir in the vanilla, flavored extract and food coloring. Pour into a greased 8x8 inch baking dish. When cooled enough to handle, remove candy from the pan, and pull until it loses its shine and becomes stiff. Pull into ropes, and use scissors to cut into 1 inch pieces. Wrap each piece in waxed paper.