Unwrap the caramels. Place the caramels and 1/2 cup water in a small microwaveable bowl. Microwave on high power for 3 minutes or until the caramels are completely melted, stirring after each minute. Dip each cookie in the melted caramel, then roll in the chopped peanuts. Place on waxed paper or parchment paper for about one hour to set.