16 c. popped corn (about 1 c. popcorn)
1 c. salted peanuts
1 (14 oz.) bag vanilla and chocolate caramels

About 1 hour before serving, in a large greased kettle, sprinkle popped corn lightly with salt; add peanuts; toss to mix.

Meanwhile in large saucepan over low heat, melt caramels with 1/4 cup of water, stirring until smooth. Pour over popped corn mixture, tossing until popped corn is well coated. Wet hands with ice water; shape mixture into 2 1/2 inch balls.