Melt 2 tablespoons butter with 1 (6 oz.) package chocolate chips, 12 large marshmallows and 1 tablespoon water. Stir until melted and smooth.

In large bowl, put 2 quarts popped corn, 1 cup peanuts and pour chocolate mixture over. Stir to coat popcorn and nuts. Spread out on cookie sheet to cool. Store in airtight containers.