Heat oven to 300°.  In food processor, combine graham cracker crumbs, sugar, and butter.  Process and then press evenly onto bottom of 9-inch springform pan.

In large mixer bowl, beat cream cheese until fluffy.  Gradually add sweetened condensed milk, beating until smooth.  Add eggs and vanilla, and mix well.

Pour into prepared pan.  Place into oven with a bowl of hot water placed on the shelf below the cake.  (This helps reduce cracks in your finished cheesecake.)  Bake 1 hour.  Turn oven off, and allow to cool in oven 1 hour.

Cool to room temperature.  Slide a knife around the edges of the pan, release the pan, and remove the side of the pan.  Refrigerate.