There's quite an assortment of names for this, but I find puppy chow the most appealing and least disgusting. I'm sure everyone has eaten this at some point in their life so there's no need for me to tell you how wonderfully addicting it.
9 cups Rice Chex cereal
1/4 cup butter or margarine
1 1/2 cups semi sweet chocolate chips
1/2 cup peanut butter
1 tsp. vanilla extract
2 to 3 cups confectioners' sugar (It really depends on how much you want. I tend to use half a bag or so)
Melt the butter, chocolate, and peanut butter in a microwave safe bowl for about 1 1/2 min. Add vanilla. Pour the cereal into a large bowl and pour the chocolate mixture, coating the cereal thoroughly. Place the mixture in a large plastic bag if you don't have a lid for your large bowl; add the confectioners' sugar and shake until all the cereal is evenly coated. You can add any extras to this if you want; I added peanut butter M&M's to mine, though I like it without anything added the best.