Makes 3 cups
(recipe slightly adapted from Allrecipes )
Combine water and sugars in a saucepan over medium heat. Heat until the mixture is boiling, and all of the sugar is dissolved. Remove the pan from the heat and let the mixture cool for 30 minutes.
Stir vodka, almond extract and vanilla extract into the mixture. Strain through a coffee filter for a clearer Amaretto and store in a sealed bottle. The Amaretto should last for a long while.
(You can drink the Amaretto immediately, but you'll find it gets better with age)