1 In a large heavy saucepan, combine the peanuts, sugar and water. Bring to a boil; cook until syrup has evaporated, about 10 minutes. 2 Spread peanuts in a single layer in a greased 15x10x1-in. baking pan; sprinkle with salt. 3 Bake at 300° for 30-35 minutes or until dry and lightly browned. Cool completely. Store in an airtight container.