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Grease a 13-by-9-inch baking pan; set aside. In a large microwave-safe bowl, combine marshmallows and butter. Microwave on High for 1 1/2 to 2 minutes or until mixture is puffed and melted, stirring once. Add vanilla; stir until mixture is smooth. Gently stir in cereal, cashews and peanut brittle (or toffee). Carefully stir in chocolate-covered peanuts. Press mixture onto the bottom of the prepared pan.
In a small microwave-safe bowl, combine caramel bits and the water. Microwave on High for 1 to 1 1/2 minutes or until melted, stirring once. Drizzle evenly over bars.
In another small microwave-safe bowl, combine chocolate and shortening. Microwave on High for 1 to 1 1/2 minutes or until melted and smooth, stirring every 30 seconds. Drizzle over mixture in pan. Let stand about for 30 minutes or until set. Cut into bars.