3 c. crisp rice cereal
2 c. Corn Flake cereal
1 c. peanuts
1 (14 oz.) pkg. caramels, unwrapped
2 tbsp. water

Lightly grease a 13 x 9 inch pan. In large bowl, combine cereals and peanuts; mix well. In medium microwave-safe bowl, combine caramels and water. Microwave on medium for 3 to 5 minutes or until caramels are melted, stirring every 2 minutes. Pour over cereal mixture; mix until thoroughly coated. Press into greased pan. Let stand 1 hour or until firm. Cut into 24 bars.