In a microwave safe bowl that is also large enough to mix 5 cups of the Rice Krispies, unwrap the 40 individually wrapped caramels.
Add the 3 Tbl water. Microwave for 1 minute at a time, for approximately 3 minutes. Make sure to stir after each minute and at the end until smooth and creamy.
Add the 5 cups of Rice Krispies to the melted caramels and stir to incorporate.
In a 9 X 13 pan that has been sprayed with Pam or some other light oil, pour the Rice Krispies and caramel mixture. Use a spoon that has been sprayed with Pam to spread and smooth the mixture.
In a microwave safe bowl, add the milk chocolate chips and the butterscotch chips. Microwave for 1 minute at a time, for approximately 3 minutes. Stirring after each minute and at the end until all chocolate is melted.
Distribute the melted milk chocolate and butterscotch chips on top of the Rice Krispies mixture. Spread to evenly distribute making sure to get the chocolate out to the edges and in the corners.
Let cool. When cooled, cut into 20 approximately 2-inch squares. Enjoy!