Crush the graham crackers. Microwave 1/4 cup of the peanut butter for 1 minute. Add the vanilla, butter and cracker crumbs and mix well. Press the mixture into a pie pan.
Prepare the vanilla and chocolate puddings separately. Melt the remaining 1/4 cup of peanut butter in the microwave and add to the vanilla pudding. Allow this to cool slightly, then spread in the pie pan. When this is set, top with the chocolate pudding. Chill the pie completely and top with whipped cream.