I grew up in south-east Georgia, and boiled peanuts are one of my favorites. We had friends who were peanut farmers, and we'd get garbage bags full of them straight out of the ground.
We always boiled ours in a pressure cooker:
2 lb. raw peanuts
2/3 c. salt
Put 2 Pounds of raw peanuts in a pressure cooker and cover with water. Add Kosher salt and cook for 45 minutes at 10lbs of pressure. Cool and eat.
You can add some cayenne pepper, too.
I can't imagine what you would do with them in a smoker, though.