Melt caramels in milk in top of double boiler over boiling water, stirring occasionally.
(Or heat over low heat, stirring constantly.) Add salt.
Soften gelatin in cold water; add to caramels; stir to dissolve.
Chill till mixture is partially set.
Fold in whipped cream, nuts, and vanilla.
Chill 2 or 3 hours or till firm.