Spread hot fudge topping around rim of a tall glass; sprinkle with pretzels and peanuts. Freeze until ready to fill.
In a blender add four Peanut Butter Pretzel Squares, ice cream and milk. Cover and blend until smooth. Pour into prepared glassed. Top with whipped cream. If desired, thread additional Peanut Butter Pretzel Squares onto skewers; serve in shakes.
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