Heat oven to 325 degrees.
Crush 50 wafers finely; mix with 1/4 c. sugar and butter. Press onto bottom of 9-inch springform pan.
Stand remaining wafers around edge, pressing gently into crust to secure.
Beat cream cheese and remaining sugar in large bowl with mixer until well blended.
Add sour cream and vanilla; mix well.
Add eggs, 1 at a time, beating on low speed after each just until blended. Pour over crust.
Bake 45 to 50 minutes or until center is almost set. Run small knife around rim of pan to loosen cake; cool before removing rim. Refrigerate 4 hours.
Microwave caramels and milk on high 1 minute or until caramels are completely melted, stirring every 30 seconds. Cool slightly. Pour over cheesecake and top with toasted pecans.