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MIX wafer crumbs, sugar and butter; press firmly onto bottom of 9-inch springform pan. Remove 1/4 cup of the caramel topping; refrigerate until ready to use.
PLACE remaining caramel topping and the marshmallows in saucepan; cook on low heat until marshmallows are completely melted and mixture is well blended, stirring frequently. Remove from heat.
BEAT cream cheese and vanilla in large bowl with electric mixer on medium speed until well blended. Add marshmallow mixture; mix well. Gently stir in the whipped cream; pour over crust. Refrigerate at least 4 hours or until firm. Drizzle with reserved 1/4 cup caramel topping just before serving. Store leftover cheesecake in refrigerator.