Heat oven to 350°F. In ungreased 13x9-inch pan, break up cookie dough. With floured fingers, press dough evenly in bottom of pan to form crust.
Bake 15 to 18 minutes or until light golden brown. Cool 15 minutes.
Meanwhile, in 4-quart saucepan, cook 1 cup of the chips and 1 cup of the dip over medium heat, stirring constantly, until melted and smooth. Remove from heat. Stir in cereal and peanuts.
Spread cereal mixture over cooled crust. In 1-quart saucepan, heat remaining chips and dip over medium heat, stirring constantly, until melted and smooth. Spread over cereal mixture. Refrigerate until chocolate mixture is set, about 30 minutes. For bars, cut into 6 rows by 6 rows. Store tightly covered.