Line cookie sheet with foil or waxed paper. Using ice cream scoop or 1/2 cup measuring cup, scoop 4 mounds ice cream onto sheet of waxed paper. Quickly shape into balls; transfer to foil-lined cookie sheet. Place in freezer. Repeat to make 4 additional ice cream balls. Freeze 30 minutes or until firm.
Roll ice cream balls in peanuts until well coated. Cover; freeze 1 hour or until firm.*
In medium saucepan, combine sugar, cocoa, flour and salt; mix well. Stir in water. Bring to a boil over medium heat, stirring occasionally. Cook until mixture thickens, stirring constantly. Remove from heat; stir in margarine and vanilla. Serve warm fudge sauce over ice cream balls.