Instructions

  1. Combine popcorn and Rice Crispies cereal in a large bowl; set aside.
  2. In a heavy saucepan over low heat, warm caramels and water until the caramels are melted.
  3. Stir in peanuts and salt; mix well.
  4. Pour over popcorn mixture and toss to coat.
  5. With buttered hands, shape into 3 inch balls and place on waxed paper.
  6. Reshape if necessary when partially cooled.