For Crust: Preheat oven to 325º F. Wrap foil around outside of 9-inch diameter springform pan with 2¾-inch high sides. Finely grind nuts and sugar in processor. Add melted butter and blend until moist crumbs form. Press crumb mixture into bottom of springform pan. Cook caramels and sweetened condensed milk in top of double boiler over simmering water until caramels are melted and smooth, stirring occasionally (mixture will be sticky). Drizzle caramel mixture over crust. Set aside.

For Filling: Using electric mixer, beat cream cheese and sugar in large bowl until well blended. Add eggs, one at a time, beating just to combine after each addition. Mix in vanilla. Pour filling into crust. Place cheesecake in large baking pan. Add enough hot water to pan to come 1-inch up sides of cake pan. Bake until top appears dry and cheesecake no longer moves in center when pan is shaken, about 1 hour. Remove cheesecake from water bath. Cool. Remove foil. Cover and refrigerate overnight.

For Topping: Release pan sides from cheesecake. Beat whipping cream, sugar and vanilla extract in medium bowl until stiff peaks form. Spoon whipped cream into pastry bag fitted with star tip. Pipe rosettes of cream decoratively around upper edge of cheesecake.