Preheat your oven to 350°F. Line the bottom of an 8-inch round non-stick springform pan with a round of parchment paper.
For the crust, stir together graham crumbs, melted butter and sugar in a medium bowl until well combined. Press the crumbs evenly into the bottom and about ¾-inch up the sides of the pan, then prick several times with a fork. Bake for 10-12 minutes until lightly golden and feels dry.
Reduce oven temperature to 300°F.
To make the filling, beat cream cheese in a large bowl on medium speed until smooth. Gradually add sugar and beat for about 30 seconds until smooth and creamy. Gradually beat in water and let mixture stand for 5 minutes (this allows the sugar to dissolve into the moisture from the cheese).
Add one egg and beat on medium speed until well blended. Scrape down the sides and bottom of the bowl, add the other egg and beat until incorporated. Add sour cream and vanilla extract and beat just until blended.
Pour the batter onto the pre-baked crust and spread it out evenly. Pop any air bubbles that you see rising to the surface. Place cheesecake in the oven. Fill a ramekin with boiling water and place it on the rack next to the cheesecake. Bake for 25 minutes. Turn the oven off and leave it in for another 15 minutes. It is ready when the filling is set but the center is slightly wobbly or jiggles when the pan is shaken.
Transfer pan to a wire rack to cool. After 10 minutes of cooling, run a knife around the edges of the cake to loosen it from the sides and then remove sides of pan. Let cake cool completely and refrigerate for 2 hours before serving.