Preheat oven to 325°. In a small bowl, mix wafer crumbs and sugar; stir in butter. Press onto bottom of a greased 9-in. springform pan. Arrange whole wafers, rounded sides out, along sides of pan, pressing lightly into crumbs.

In a large bowl, beat cream cheese and sugar until smooth. Beat in sour cream and vanilla. Add eggs; beat on low speed just until combined. Pour over crust. Place pan on a baking sheet.

Bake 55-60 minutes or until center is almost set. Cool on a wire rack 10 minutes. Loosen sides from pan with a knife. Cool 1 hour longer. Refrigerate overnight, covering when completely cooled.

In a microwave, melt caramels with milk; stir until smooth. Remove rim from pan. Drizzle cheesecake with caramel mixture; sprinkle with pecans.

Freeze option: Wrap individual portions of cheesecake in plastic wrap and place in a resealable plastic freezer bag. Seal bag and freeze for future use. To use, thaw completely in the refrigerator. Yield: 12 servings.