Cover 2 cookie sheets with wax paper; place 12 wafers 2-inches apart on each sheet.
Heat sugar, brown sugar, cream and water in 3-quart saucepan on medium heat, stirring constantly until sugar dissolves. Cook without stirring until temperature reaches 235 degrees F (soft ball stage). Add margarine; do not stir. Cool mixture to 150 degrees F, about 30 minutes.
Add pecans and vanilla extract to cooled sugar mixture. With wooden spoon, beat 2 to 3 minutes until candy begins to thicken, but is still glossy. Quickly pour 1 tablespoonful praline mixture over each wafer. (If mixture becomes stiff, stir in a few drops water.) Cool pralines completely until firm; peel from wax paper. Store in airtight container.
Makes two dozen.
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