Place the sugar cones in the freezer for at least 1 hour. Coat the insides of each cone with magic shell topping by spooning some of the coating inside the cone, then quickly swirling it around the inside (see video above). Place upright in the freezer for at least 15 minutes.
Spoon 1 teaspoon hot fudge into the bottom of each cone. Then, fill the cone with vanilla ice cream and add a small scoop on top, using an offset spatula to smooth the scoop into a round ball. Return to the freezer for at least 1 hour.
Place the magic shell into a tall, narrow container. Working with one cone at a time, quickly dip the top of each one into the magic shell, letting any excess drip off and immediately returning it to its holder. Once all of the cones have been dipped, return to the freezer for 15 minutes.
Repeat the dipping process, this time sprinkling with chopped peanuts immediately after dipping. Return to the freezer for at least 15 minutes before serving. Once they are set, you can transfer the drumsticks to a gallon size ziploc freezer bag and store in the freezer for up to 2 months.