Heat oven to 350°F. Cut cookie dough in half crosswise; cut each section in half lengthwise. Press dough in bottom of ungreased 13x9-inch pan.
Bake about 15 minutes or until light golden brown. Cool.
In 2-quart saucepan, cook First Layer ingredients over medium heat 3 minutes, stirring constantly until blended. Stir in peanuts.
Pour peanut butter mixture over cooled base. Place in freezer while making Top Layer.
In 2-quart saucepan, melt caramels with evaporated milk over medium heat, stirring until smooth. Remove from heat. Stir in cereal.
Remove bars from freezer. Pour cereal mixture evenly over bars. Return to freezer for about 30 minutes to cool completely.
To serve, cut into 6 rows by 4 rows.