1. Heat oven to 350 degrees F. Bake peanuts in pan 10 minutes; let cool, then chop.
2. Coarsely grate carrots. Heat oil and butter in large wok or skillet over high heat until hot but not smoking. Add carrots. Cook, stirring constantly, until evenly heated through, 5 minutes. Stir in peanuts, hot-red-pepper flakes, and salt and pepper to taste. Squeeze lime juice on top. Makes 4 servings.