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. Roll in sugar or additional vanilla wafer crumbs. Place in an airtight container, and store in refrigerator up to one month.
