LINE 13 x 9-inch baking pan with foil; grease foil with butter.
FOR CHOCOLATE LAYER:
HEAT 1 cup milk chocolate morsels, 1/4 cup butterscotch morsels and 1/4 cup peanut butter in small saucepan over low heat, stirring frequently, until melted. Spread chocolate mixture over bottom of prepared baking pan; cover. Refrigerate for 20 minutes or until set.
FOR MARSHMALLOW LAYER:
MELT butter in heavy-duty saucepan over medium heat. Add sugar and evaporated milk; heat to a boil. Cook, stirring occasionally, until sugar is dissolved. Reduce heat until mixture comes just to a boil. Heat for 5 minutes (do not stir); remove from heat. Stir in marshmallow creme, 1/4 cup peanut butter and vanilla extract. Stir in peanuts. Carefully spoon marshmallow layer over chocolate layer; cover. Refrigerate for 20 minutes or until set.
FOR CARAMEL LAYER:
HEAT caramels and cream in medium saucepan over low heat, stirring frequently, until caramels are melted and mixture is smooth. Spread caramel mixture over marshmallow layer; cover. Refrigerate for 15 to 30 minutes or until set.
HEAT remaining morsels and remaining peanut butter in small saucepan over low heat, stirring frequently, until mixture is smooth. Spread over caramel layer. Refrigerate for at least 2 hours or overnight.
USE foil to lift candy from baking pan; remove foil. Cut into 1-inch pieces. Store in airtight container in refrigerator for up to 1 week.