Line large cookie sheet with waxed paper. In large bowl, mix noodles, peanuts and coconut.
In medium microwavable bowl, mix frosting and peanut butter until well blended. Microwave on High 60 to 75 seconds, stirring every 30 seconds, or until mixture is of drizzling consistency.
Pour frosting mixture over noodle mixture. Stir to coat completely. Drop mixture by rounded tablespoonfuls on cookie sheet. Refrigerate 30 minutes. Store in covered container between layers of waxed paper in refrigerator.