Crush entire box of vanilla wafers and pour into large mixing bowl. Add finely chopped nuts. Set aside.
In a double boiler over medium-low heat, melt butterscotch morsels. Add light corn syrup, granulated sugar and thawed orange juice. Blend until sugar dissolves.
Pour warm butterscotch mixture over wafers/nuts. Mix well by hand. Roll into teaspoon-sized balls and roll in confectioners' sugar. Place on waxed paper to completely cool. Store in airtight container.