Instructions: SPRAY 13 x 9 inch baking pan with nonstick cooking spray. COMBINE cereal, pretzels, peanuts, and caramels in large bowl. MICROWAVE morsels in medium, microwave-safe bowl on MEDIUM-HIGH (70%) power (100% power for semi-sweet morsels) for 1 minute; stir. Microwave at additional 10- to 20-second intervals, stirring until smooth. Pour over cereal mixture; stir to coat evenly. SPREAD mixture into prepared baking pan; cool for 30 to 45 minutes or until firm. Break into bite-size pieces.

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