Spray large bowl with vegetable spray. Combine popcorn, gumdrops and peanuts in bowl. Combine marshmallows and margarine in large saucepan and melt over medium heat, stirring constantly. Pour marshmallow mixture over popcorn, candy, and nuts, toss until coated. With buttered hands, shape popcorn mixture into 8 balls. Work quickly to shape balls before mixture cools and hardens. Allow to set until serving time.
Variation: Use Gummy Bears, M&M's, small fruit snacks, or other colorful additives instead of gumdrops.