With mixer on high speed, combine 1 Tbs. water, corn syrup, butter, vanilla, peanut butter and salt until creamy. Slowly add powdered sugar.
When the mixture has the consistency of dough, remove from the bowl with your hands and press into a lightly greased 9 x 9 inch pan. Set in the refrigerator.
Melt the caramels in a small pan with 2 Tbs. water over low heat.
When the caramel mix is soft, mix in the peanuts. Pour the mixture over the refrigerated nougat in the pan. Let this cool in the refrigerator.
When the refrigerated mixture is firm, melt the chocolate over low heat in a double broiler or in a microwave oven set on high for 2 minutes. Stir halfway through cooking time.
When the mixture in the pan has hardened cut it into 4 x 1 inch sections.
Set each chunk onto a fork and dip into the melted chocolate. Tap the form to knock off any excess chocolate. Then place the chunks on waxed paper to cool at room temp (less than 70 degrees F.) This could take several hours, but the bars will set best this way. You can speed up the process by placing the bars in the refrigerator for 30 minutes.