Floating Island

Stir 1 1/2 cups sugar and 1/2 cup water in heavy medium saucepan over medium-low heat until sugar dissolves.
Increase heat to high and boil without stirring until syrup turns deep amber, occasionally brushing down sides of pan with wet pastry brush and swirling pan, about 8 minutes.
Remove from heat and mix in 2 cups water (mixture will bubble vigorously).
Stir over high heat until any hard caramel bits dissolve.
Boil until syrup is reduced to 1 cup, about 15 minutes.
Set aside.
Preheat oven to 350F.
Lightly butter rimmed baking sheet.
Toss almonds with 2 tablespoons caramel syrup in bowl to coat.
Spread almond mixture on prepared sheet.
Bake until golden brown, about 10 minutes.
Cool.
Maintain oven temperature.
(Caramel syrup and almond mixture can be made 1 day ahead.
Cover separately and store at room temperature.)
Spray 9x5x3-inch loaf pan with nonstick vegetable oil spray.
Coat pan lightly with sugar.
Using electric mixer, beat egg whites on high speed in large bowl to soft peaks.
Gradually beat in 1 cup sugar.
Beat until stiff and glossy.
Transfer meringue to prepared pan.
Bake until top is puffed and golden brown and tester inserted into center comes out clean, about 25 minutes.
Turn meringue out onto lightly oiled baking sheet.
Let stand 15 minutes.
Using serrated knife, cut meringue into 1-inch-thick slices.
Spoon Vanilla Custard Sauce onto plates.
Top with meringue slice, then drizzle with caramel sauce.
Sprinkle with caramelized almonds and serve.