Squeeze juice from limes and save in refrigerator for later use. Slice lime peels thinly. In a heavy saucepan on high heat, boil sugar and water for 3 minutes. Add lime peels. Reduce heat to medium and simmer for 1 hour, or until skin is softened. Cool on a wire rack set over a cookie sheet. Dry on the rack for 12 hours. Refrigerate in a covered container.
