28 caramels
2 tbsp. water
2 qt. popped corn
1/2 c. peanuts

Melt caramels with water in saucepan over low heat. Stir until smooth. Pour oven combined popcorn and peanuts. Toss until well coated. Spread onto cookie sheet. Let stand, break apart. 2 quarts. For crispier caramel corn, bake 250 degrees for 25 minutes.