Blend peanut butter, melted margarine or butter, and vanilla extract in a large bowl. Gradually add crushed graham crackers and powdered sugar. Mix by hand until stiff and cohesive.
Roll mixture into bite-sized balls and place on a tray lined with wax paper.
Melt chocolate chips and paraffin wax in the top pot of a double boiler with simmering water underneath. Stir until smooth.
Dip each ball into the melted chocolate using a toothpick, making sure it's completely coated. Transfer back onto the wax paper.
Allow to set at room temperature or chill in the refrigerator for quicker setting.
Notes
Store in the refrigerator for up to two weeks, or freeze for up to three months. Thaw in the refrigerator before serving.