Heat oven to 350°.
In medium bowl stir together vanilla wafers, melted butter and vanilla.
Press on bottom of greased and floured 13x9-inch baking pan.
Sprinkle with coconut, chocolate and butterscotch chips.
Pour condensed milk all over the top; sprinkle with peanuts.
Bake for 20 to 27 minutes or until edges are lightly browned.
Cool completely; cut into bars.
Cover; store refrigerated.