Heat oven to 350 degrees. In an ungreased 13 x 9 inch pan, break ap cookie dough. With floured fingers, press dough evenly in bottom of pan to form crust.
Bake 15 - 18 minutes or until light golden brown.
Cool 15 minutes.
Meanwhile, in 4 quart saucepan, melt 1 cup of the chips and 1 cup of the dip over medium heat, stirring constantly, until melted and smooth. Remove from heat. Stir in cereal and peanuts.
Spread cereal mixture over cooled crust. In 1 quart saucepan, heat remaining chips and dip over medium heat, stirring constantly, until melted and smooth. Spread over cereal mixture. Refrigerate until chocolate mixture is set (about 30 minutes).