Arrange chocolate graham crackers in a single layer on the bottom of a 9x13 inch dish, breaking to fit edges.
Let vanilla ice cream soften on counter for 10-15 minutes until spreadable.
Spread half the ice cream over graham crackers in an even layer using a spatula.
Pour hot fudge sauce over ice cream and spread gently into an even layer.
Sprinkle half the red skin peanuts over the fudge layer.
Add remaining ice cream on top, pressing down to seal in fudge and peanuts.
Scatter remaining peanuts evenly over the top.
Drizzle Magic Shell chocolate coating over the top, working quickly since it hardens fast.
Freeze for at least 4 hours before slicing. Run knife under hot water and wipe dry between slices for clean cuts.