COMBINE peanut butter, salad dressing mix, crushed red pepper, vinegar, oil and water in medium saucepan. Cook on medium-low heat until peanut butter is completely melted and mixture is well blended, stirring frequently.
ADD chicken; cook until heated through, stirring constantly.
TOSS cabbage with red bell peppers in large bowl. Add chicken mixture; mix lightly. Sprinkle with peanuts just before serving.