1 (12 oz.) pkg. semi-sweet chocolate chips
1/2 c. peanut butter
1 stick butter (1/2 c.)
8 c. Crispix or similar cereal
2 1/2 c. powdered sugar

Pour cereal into a large roaster pan. In a microwave-safe bowl, melt chocolate chips, peanut butter and butter on "high" in microwave for about 1 1/2 minutes. Stir well. Pour chocolate mixture over cereal and stir to coat. Put powdered sugar into a big plastic bag. Add cereal to bag and shake it up. Pour out onto wax paper and cool.