Line a 13-x-9-x-2-inch baking pan with foil. Coat foil lightly with cooking spray.
In a 2-quart saucepan, cook sugar, butter, and evaporated milk over medium heat, stirring constantly until mixture comes to a boil. Boil for 5 minutes.
Remove from heat. Add white chocolate chips and marshmallow creme, stirring until melted. Stir in vanilla. Add cranberries and nuts; mix well.
Immediately pour mixture into pan. Chill for 11/2 hours. Cut into squares. Return pan to refrigerator and chill to set squares, about 1 hour. Store in a covered container in the refrigerator for up to 2 weeks or in the freezer for up to 3 months.