Preheat oven to 300 degrees.
Butter 9-inch pic plate.
Combine cereal and sugar; add butter; mix well.
Press this mixture evenly on bottom and sides of pie plate.
Bake 10 minutes; cool.
Combine next 4 ingredients.
Mix with ice cream until rippled throughout.
Turn into pie shell.
Sprinkle peanuts on top.
Freeze 3 hours or until firm.
Let stand 10-15 minutes at room temperature, before serving.