Spray two cookie sheets with non-stick spray coating.
In a 4 quart saucepan over medium-high heat, combine the sugar, corn syrup and water. Heat to boiling and add peanuts. Cook until peanuts become golden in color and syrup mixture beads off nuts when raised out of pan. Quickly mix in the salt and baking soda until well blended.
Pour the mixture onto the prepared cookie sheets. Allow mixture to spread on it's own. Cool completely, and break into pieces. Store in air-tight container or plastic bag.