An easy recipe from the Texas Peanut Producers. The next time we make them, I might try using unsalted peanuts and adding my own salt to taste, as the salt overpowered the spices.
1 T chili powder
1/2 t paprika
1/2 t cayenne
1 lb cocktail peanuts
Combine dry ingredients in a small bowl. Put peanuts in a microwaveable dish and zap them on high for 6 minutes, stirring every 2 minutes. Stir in the spice mixture and mix well. Store in a tightly covered container.