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Position knife blade in food processor bowl; add vanilla wafers. Process until crumbs are fine. Transfer to a large bowl. Place pecans in processor bowl; process until finely chopped. Stir into vanilla wafer crumbs. Stir in honey, bourbon, and rum. Shape into 1-inch balls, and roll in sugar or additional vanilla wafer crumbs. Place in an airtight container, and store in refrigerator up to one month.