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