For crust- Blend crushed graham crackers, 1/4 cup sugar, and softened margarine together as for a pie crust. Press into a 10 1/2 inch pie plate and set aside.
For cheesecake- Beat softened cream cheese with 1/2 cup milk until smooth. Add remaining 1 1/2 cups milk, 2 T sugar, vanilla and instant pudding; beat until well-blended. It will be starting to thicken. Pour into crust and chill for at least 2 hours.