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MIX wafer crumbs and margarine. Remove 1/4 cup of the crumb mixture; reserve for later use. Press remaining crumb mixture firmly onto bottom of 9-inch square baking pan.
PREPARE pudding mix as directed on package for pudding, using the 1-3/4 cups milk. Add cream cheese, pecans and extract; cook on low heat until cream cheese is completely melted and mixture is well blended, stirring frequently. Pour over crust; sprinkle with the reserved crumb mixture.
REFRIGERATE several hours or overnight until firm. Cut into 9 squares to serve. Store leftover dessert in refrigerator.