In a large saucepan, combine the first five ingredients. Cook until butter is melted and sugar is dissolved; stir until smooth.
In a large bowl, combine the cereal, oats and nuts. Drizzle with butter mixture; toss to coat.
Transfer to a greased 15-in. x 10-in. x 1-in. baking pan. Bake, uncovered, at 275° for 45 minutes, stirring every 15 minutes. Cool for 15 minutes, stirring occasionally. Stir in cranberries and chocolate-covered raisins. Store in an airtight container. Yield: about 6 cups.