1 (14 oz.) pkg. caramels
1/4 c. butter
2 tbsp. water
3 c. crisp rice cereal
1 c. dry roasted peanuts

Unwrap caramels and place in a 2 quart bowl. Add the butter and water. Place in microwave oven. Cook caramel mixture at High for 4 minutes, stirring well every minute. Stir in cereal and peanuts. Press evenly into buttered 8"x8"x2" baking dish. Cool and cut into squares to serve. Makes 36 squares.