Add rice, sugar, raisins, cinnamon, vanilla, heavy cream and one egg yolk in medium bowl. Stir to mix. Refrigerate until well chilled. Put the vanilla wafers in a zipper bag and crush with a rolling-pin or mallet. You want some texture, so leave some small pieces. Place the crushed cookies in a shallow bowl
With a fork, beat the extra egg white and the 2 whole eggs in a shallow bowl. Set aside.
Pour enough peanut oil into a medium heavy bottomed pan to 2" up the sides. Heat on medium high heat until a tiny drop of water sizzles when dropped in the oil.
Rub butter on your hands to keep the rice from sticking. Don't skip this step. You'll be a mess! Using a small scoop gather a mound of rice about the size of a ping-pong ball. Gently roll the rice into a ball in your buttered hands. Place on a wire rack until all balls are formed. One at a time, dip the rice balls into the egg then roll in the cookie crumbs. Continue until all are coated. Drop three at a time into the hot oil with a spider spoon. Let the rice balls fry until lightly golden brown. Remove from heat and place on paper towels to drain. Allow to cool before garnishing. You can eat them plain, roll them in sugar, or go all out with powdered sugar caramel sauce and whipped cream. They would also be tasty served with maple syrup or honey.