In small bowl, sprinkle gelatin over water; let stand to soften. In 2-quart saucepan, cook caramels and milk over medium-low heat, stirring occasionally, until caramels are melted and mixture is smooth. Stir in softened gelatin. Refrigerate until slightly thickened, stirring occasionally, 45 to 60 minutes.
Meanwhile, heat oven to 450°F. Make pie crust as directed on box for One-Crust Baked Shell using 9-inch glass pie plate. Bake 9 to 11 minutes or until lightly browned. Cool completely, about 30 minutes.
In large bowl, beat whipping cream with electric mixer on 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 7-inch skillet, cook almonds and sugar over medium-low heat, stirring constantly, until sugar is melted and almonds are golden brown. Immediately spread on cookie sheet. Cool completely, then break apart.
Just before serving, garnish pie with caramelized almonds. Store pie in refrigerator.