Completely line a 9-by-5-inch loaf pan with plastic wrap, leaving about a 2-inch overhang on all sides.
Combine the cream cheese, peanut butter and sugar in a large bowl and beat with an electric mixer on medium-high until smooth, about 3 minutes; scrape down the sides of the bowl as needed. Add the cream and vanilla and continue to beat, starting on medium speed to blend the peanut butter mixture and cream (it will seem broken at this point but will come together as you continue to beat). Continue to increase the speed up to medium-high as the mixture gradually comes together and forms stiff peaks, about 4 minutes.
Whisk the grape jelly vigorously in a small bowl until it thins out and is pourable (no extra liquid is needed).
Spread a quarter of the peanut butter cream on the bottom of the prepared loaf pan. Spoon about 2 tablespoons of the jelly on top and use the back of the spoon to swirl the jelly around. Arrange 8 crackers on top of the jelly in a 2-by-4 pattern to create an even layer that covers the width and length of the pan; add a second layer of crackers for a total of 16 crackers. Repeat the process with another quarter of the peanut butter cream, 2 tablespoons of the jelly and 16 crackers; repeat once more for a total of 3 layers. Spread the remaining quarter of the peanut butter cream on top to finish.
Loosely wrap the cake with the plastic wrap overhang and refrigerate for 12 hours or overnight for the crackers to soften.
When ready to serve, unwrap the plastic wrap and invert the cake onto a serving platter. Remove the pan and plastic wrap and sprinkle the cake with chopped peanuts. Cut into slices with a serrated knife.
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