Place the peanuts in a shallow bowl for dipping. Decoratively arrange the apple wedges on a cutting board.
Combine the caramels and milk in a shallow microwaveable serving bowl. Microwave on high, stirring every 30 seconds after 1 minute of cooking, until the mixture can be stirred smooth, 1 to 2 minutes. Stir in the Sriracha (more if you like it hot!) and let the sauce cool slightly.
Set the caramel sauce near the peanuts and the board of sliced apples. Encourage guests to dip the apples into the sauce, then into the peanuts. No double-dipping!
Tip: Serve this dish immediately, as the apples will begin to brown after 20 minutes or so. If the caramel sits and gets too firm for dipping, reheat it briefly in the microwave.