Using a mixer, beat the peanut buuter, butter, vanilla, and confectioner's sugar til thoroughly mixed. Roll into small balls, place on a cookie sheet covered with waxed paper, chill for at least 1/2 hour. Place chocolate chips and paraffin in sauce pan and heat over low heat til melted. Remove from heat but reheat as necessary to keep the chocolate smooth. Dip the balls into chocolate, drain slightly, and place on waxed paper. Chill. Keep the balls frozen or refrigerated since they have butter in them.