Caramelized Popcorn

Preheat the oven to a low temperature (150°F)

Place the popcorn in a shallow dish, greased with butter or margarine, and put it in the oven to keep it from getting soggy

Melt the caramel and water in a saucepan over low heat, stirring constantly

Add the peanuts and stir well

Remove the popcorn from the oven and pour the caramel mixture over it, stirring well and allowing it to cool until it sets firmly

In the end, cut the popcorn mixture into bite-sized pieces.