5 quarts pop corn
2 tbsp butter or margarine
2 cups sugar
1/2 cup corn syrup (light or dark)
1 1/2 cup water
1 tsp vinegar
1 tsp vanilla extract
1 cup chopped peanuts (optional)

Prepare lots of popcorn.  Pour into a large paper bag.

Combine water, sugar, corn syrup, and vinegar in a large sauce pan.  Bring to a simmer over medium heat.

Boil approximately 8-15 minutes (until the candy thermometer reads 250°f; hard ball stage).  Stir lightly.

Remove from heat and mix in the butter and vanilla.  Quickly mix in the corn cereal to coat the surface.  Slowly pour over the popcorn, mixing just enough to coat.  Add nuts if desired.

Butter your fingers.  When cool enough to handle separate and form into balls or other shapes.  Double wrap with plastic wrap.  Makes 16 medium sized balls.

Note: a few drops of food coloring added with the vanilla can make festive red or green balls.