In small bowl, sprinkle gelatin over water; let stand to soften. In medium saucepan, combine caramels and milk. Cook over medium-low heat until caramels are melted and mixture is smooth, stirring occasionally. Stir in softened gelatin. Refrigerate 45 to 60 minutes or until slightly thickened, stirring occasionally.
Meanwhile, heat oven to 450 degrees. Prepare pie crust as directed on package for one-crust baked shell using a 9 inch glass pie pan. Bake at 450 degrees for 9 to 11 minutes or until light golden brown. Cool completely.
Beat whipping cream in large bowl with electric mixer at high speed until stiff peaks form. Fold thickened caramel mixture into whipped cream. Pour into cooled baked shell. Refrigerate at least 4 hours or overnight before serving.
Meanwhile, line cookie sheet with foil. In small skillet, combine almonds and sugar; cook over medium-low heat until sugar is melted and almonds are golden brown, stirring constantly. Immediately spread on foil-lined cookie sheet. Cool completely; break apart.
Just before serving, garnish pie with caramelized almonds. Store in refrigerator.