Preheat oven to 350°F. Spray a 9 x 13-inch baking pan with non-stick cooking spray.
Combine brownie mix, water, oil and eggs in large bowl. Spread batter into baking dish. Bake 28 to 30 minutes.
When brownie cake comes out of the oven (while still warm), poke holes, about 2-inches apart, in warm brownie with the handle of a wooden spoon.
Set aside 1/4 cup of the caramel topping. Pour the rest of the caramel topping over the warm cake. Making sure to get it into the holes as best you can.
Pop brownie cake into the fridge and allow it to finish cooling completely.
When ready add 1/4 cup reserved caramel topping into whipped topping. Stir well. Put all of caramel whipped topping onto the brownie cake.
Spread evenly. Sprinkle with peanuts. Top each piece with a maraschino cherry just before serving.