Cream 1/2 cup softened butter, 2 cups creamy peanut butter, and 1/2 teaspoon vanilla in large bowl. Add 3 cups confectioners' sugar by hand. Stir in 2 1/2 cups crisp rice cereal by hand. Dust hands with confectioners' sugar and shape walnut size balls.

In double boiler, melt 8 oz. milk chocolate, 6 oz. semi-sweet chocolate chips and 1/2 bar melted paraffin. Dip balls quickly, cover completely, remove to wax paper, let cool. Makes 6 dozen.