2 quarts popped popcorn
3 cups crisp rice cereal
42 caramels
3 tablespoons water
1 cup salted peanuts
1/8 teaspoons salt

Combine popcorn and cereal in a large bowl; set aside.

In a heavy saucepan over low heat or in a microwave-safe dish, heat caramels and water until the caramels are melted. Stir in peanuts and salt; mix well. Pour over popcorn mixture and toss to coat. With buttered hands, shape into 3-inch balls. Reshape if necessary when partially cooled.

Yields 10 popcorn balls.