Peanut Butter Velveeta Fudge

1/4 pound Velveeta cheese
1 cup peanut butter
1/2 cup (1 stick) butter or margarine
1 pound confectioners' sugar
1 teaspoon vanilla extract

Melt in glass bowl in microwave approximately 3 minutes. Stir until smooth. Cool. Add 1 pound confectioners' sugar and 1 teaspoon vanilla extract. Mix well. Press into ungreased pan. Chill.

Cut and serve.