Line an 8x8-inch square baking pan or a 9x9-inch square baking pan with aluminum foil and spray with non-stick spray.
Crush the graham crackers in a food processor. You want them broken up into small pieces but not into a powder. Chop peanuts. It really depends on what size you like, but I like to leave them chunky for texture.
In a large bowl, mix all the ingredients except the powdered sugar until they're well combined. The dough will be thick.
Dump the mixture into your prepared pan and press down. Smooth the top flat.
Add powdered sugar to the bowl of an electric mixer. Add heavy cream, vanilla, and browned butter to the powdered sugar.Beat until smooth. Add more cream if frosting is too thick (or more powdered sugar if it's too thin.)Frost cake and serve. Store in an airtight container on the countertop for 3 to 4 days. Or, in an airtight container in the refrigerator for 6 to 7 days.