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MIX cracker crumbs, peanuts, 1/4 cup of the sugar and the butter; press firmly onto bottom and up side of 9-inch pie plate.
BEAT cream cheese, remaining 1/2 cup sugar, the peanut butter and milk in large bowl with electric mixer on medium speed until well blended. Gently stir in whipped topping. Pour into crust.
REFRIGERATE several hours or until chilled. Cut into 8 slices. Store leftover pie in refrigerator.