Place vanilla wafers in a Ziploc bag and crush as fine as possible. (I use a plastic rolling pin.) Mix sugar and butter together until fluffy. Add eggs, 1 at a time and beat thoroughly each time. Mix in crushed wafers, and then add milk. Mix in chopped nuts.
Pour into lightly floured and greased Bundt pan. (I use a can of the flour & oil mixed.)
Bake for 2 1/2 hours at 320 degrees F or until toothpick comes out clean.