Combine raisins and water in a microwave safe bowl, cover and microwave on high for 3 minutes. Let stand for 20 minutes then drain.
Melt the butter or margarine. Combine cookie crumbs, 1/4 cup of the white sugar, and the melted butter or margarine. Press the cookie crumb mixture into the bottom of one 9 inch springform pan. Set aside 1 cup of the raisins for the topping. Sprinkle the remaining raisins evenly over the crust.
In a large bowl beat the cream cheese until light. Gradually beat in the remaining 2/3 cup of white sugar. Beat in the eggs and the vanilla. Pour cream cheese mixture over raisins and crust.
Bake at 325 degrees F (165 degrees C) for 55 minutes. Turn off oven and leave oven door ajar for 1 hour. Remove cake from oven and let cool completely. Cover and refrigerate for 4 hours or overnight. To serve, combine remaining raisins and caramel or butterscotch topping. Spread over the top of the cake. Makes 12 servings.