Melt butter in a large skillet over medium heat; cook cabbage in the hot butter until it begins to soften, 1 to 2 minutes. Season with salt to taste. Pour in water, red wine, and red wine vinegar; stir to combine. Mix in sugar and caraway seeds.
Continue to cook and stir until liquid has evaporated and cabbage is tender, about 5 minutes. If cabbage isn't quite tender, add a splash of water and continue cooking a few more minutes.