Step 1: Melt butter in large saucepan over low heat.
Step 2: Add marshmallows and 2/3 of the unwrapped caramels and stir until the white disappears into the caramel, stirring constantly, being careful not to burn.
Step 3: Remove from heat and stir in vanilla.
Step 4: Press into a buttered rectangular glass or ceramic baking pan.
Step 5: Sprinkle with chips and pecans, pressing them into the cereal.
Step 6: Cut the remaining caramels into quarters and press them in as well.
Step 7: Place in a 350 oven for a few minutes until the chips and caramels start to melt, being careful not to burn.
Step 8: Allow to cool and cut into squares using a buttered knife.
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