In a large bowl, whip the cream until stiff peaks form, then set aside. In another large bowl, stir together the half-and-half, pudding mix, cream cheese and peanut butter until creamy. Fold in the whipped cream.
In a 9 x 13-inch baking dish, arrange a single layer of graham crackers, spoon half of the cream mixture over the crackers and smooth it out. Arrange another single layer of graham crackers over the cream layer, then spoon the remaining cream mixture over the crackers and smooth it out. Arrange the final single layer of graham crackers over the cream mixture.
Place the frosting in a microwave-safe bowl and microwave it just until softened, about 15 seconds. Stir the frosting, then spread it over the graham crackers. Cover with plastic wrap and refrigerate for 3 hours or overnight. When ready to serve, sprinkle with chopped peanuts.
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