Combine vegetables and water in large nonstick skillet; cover and cook over medium-high heat four minutes or until crisp-tender. Remove and drain vegetables. Set aside.

Meanwhile cut beef steaks into 1/4-inch-thick strips.

Heat same skillet over medium-high heat until hot. Add half of beef and garlic; stir-fry one to two minutes or until outside surface of beef is no longer pink. Remove from skillet; keep warm. Repeat with remaining beef and garlic.

Return all beef and vegetables to skillet. Add stir-fry sauce and red pepper; cook and stir one to two minutes or until heated through. Spoon over rice. Sprinkle with peanuts.