Preheat the oven to 250°F. Directly on the pan or in an x-large mixing bowl, mix together cereals, Cheetos, Bugles, pretzels and peanuts until evenly distributed. Spread evenly on an x-large baking pan or 2 large baking pans.
In a microwave safe bowl, melt the butter with seasonings. Add hot sauce to your taste. Stir or whisk until seasonings have dissolved. Pour over party mix and gently stir.
Place into the oven and bake for 1 hour 15 minutes, stopping to stir every 15 minutes.
Spread on parchment paper to cool completely. Store in an airtight container at room temperature.