Caramelize the sugar and water. When caramelized, pour into a 9-inch round pan. Preheat oven to 350.

Put cream cheese, eggs, and vanilla in blender. Blend until smooth. Add condensed milk and blend again. Add evaporated milk and blend again. Pour over caramelized sugar in pan and set pan in another pan with has about one inch of water in it. Bake for one hour. Cool and invert on a plate. Chill.