In top of double boiler, combine egg whites,light-brown sugar, light corn syrup and water. With an electric rotary beater, beat 1 minute to combine.
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Cook over rapidly boiling water, beating constantly, about 7 minutes, or ntil stiff peaks form when beater is slowly raised. Remove from boiling water. Add vanilla extract; then continue beating until the frosting is thick enough to spread-about 2 minutes.
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