In a mixing bowl, beat the eggs, sugar and vanilla until thick and lemon-colored, about 4 minutes.

Combine the flour, baking powder and salt; add to the egg mixture.

Beat on low speed just until combined.

Add the milk and butter; mix well. Pour into a greased 13 x 9 inch baking pan.

Bake at 350º for 30 to 35 minutes or until a toothpick inserted near the center comes out clean.

Cool on a wire rack.

Cut cake into squares. Cover and freeze overnight.

For the Frosting:

In a mixing bowl, combine confectioners' sugar, milk, vanilla and salt; beat until smooth.

Frost the top and sides of frozen cake squares; roll in chopped peanuts. Place on wire racks to dry.