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1. In a blender place half of the ice cream, 1/3 cup of the milk, the malted milk powder, and peanut butter. Cover; blend until smooth, stopping and scraping down sides, if necessary.
2. Spoon in remaining ice cream; blend until smooth. If necessary, add additional milk until malts are desired consistency.
3. Spoon into 4 glasses. If desired, top with marshmallow creme, chopped peanuts, miniature sandwich cookies, and/or miniature marshmallows.