1 (14 oz.) bag Kraft caramels
3 tbsp. water
5 c. Rice Krispies
1 c. peanuts
1 c. chocolate chips
1 c. butterscotch chips

Melt caramels with water in saucepan over low heat, stirring frequently until sauce is smooth. Pour over cereal and nuts; toss until well coated. With greased fingers press mixture into greased 9 x 13 inch pan. Sprinkle chips on top and place in 200 degree oven for 5 minutes or until chips are melted. Spread chips until blended to form frosting.