Melt 1 c. chocolate chips and 1 T. Crisco and put in 8 x 8 inch pan. Chill 15 minutes.
Melt together caramels, water and butter. Add peanuts. Pour over chocolate.
Melt remaining chocolate chips and Crisco and pour over caramel nut layer. Chill 5 minutes in refrigerator and then cut into squares.