Pudding: Crumble the bread, with the crust, into a bowl. Cover with combined milk, cream and liqueur and let stand an hour or until the bread has absorbed most of the liquid.
Preheat oven to 325 degrees F. Butter a 13 x 9-inch baking dish and set aside.
Beat eggs, sugar and vanilla extract until well blended. Mix gently with bread and raisins. Spoon into pan, smooth top. Bake until light brown and the custard is set, about an hour.
Caramel Irish Cream Sauce: Pour sugar into water in saucepan and let stand until sugar is wet. Add 2 tbsp of butter and cook on medium high to high, stirring constantly, until the mixture turns nut brown. Remove from heat. Immediately and CAREFULLY, to avoid splatters, pour in coffee and cream into the saucepan. Return to heat and cook, stirring constantly, until caramel melts. Add more cream if caramel is too dark. Remove from heat and cool. Stir in lemon juice and liqueur just before serving.