Preparation:
In a microwave-safe bowl, combine the butter, cocoa, brown sugar and milk. Microwave until mixture boils, about 3 minutes. Stir in powdered sugar and vanilla Pour into a greased 8" square baking pan.
In another microwave-safe bowl, heat caramels and water for 2 minutes, or until melted Stir in peanuts; spread over chocolate layer. Microwave chocolate chips for 1 minute, or until melted; spread over caramel layer. Chill until firm.
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