Mix graham cracker crumbs, macadamia nuts, margarine, and sugar together in a bowl; press into the bottom of a 9-inch springform pan.
Bake in the preheated oven until crust is lightly browned, about 10 minutes. Cool crust.
Mix water and gelatin together in a saucepan over low heat until dissolved, 3 to 4 minutes.
Beat cream cheese and marshmallow cream together in a bowl using an electric mixer on medium speed until well mixed. Gradually stir gelatin mixture and cranberry sauce into cream cheese mixture; fold in whipped topping. Spoon mixture over crust. Chill cheesecake in the refrigerator until firm, at least 1 hour.