Preheat oven to 300F. Remove all unpopped kernels from popped popcorn. Put popcorn into a greased 17x12x2-inch baking or roasting pan. Pour ice cream topping over popcorn. Add apricots and peanuts. Stir gently to coat. Bake for 20 minutes. Stir mixture; bake 5 minutes more. Spread caramel corn on a large piece of nonstick foil to cool. Let stand for 5 minutes. While caramel corn mixture is still warm, form it into small balls with buttered hands, using about 1/4 cup of mixture for each ball. Wrap each ball in cellophane or plastic wrap.

To decorate the cellophane-covered popcorn balls, twist chenille stems to resemble bugs or other scary creatures. Affix plastic eyes to the chenille stems using crafts glue. Makes 16 popcorn balls.