I know there a thousand different products you can make with peanuts. But, my local supermarket has one of these,
I'm wondering if the effect will be similar if I use my mini coffee-bean hand grinder.. You can find a picture of it here,
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While the grinding of peanuts produces a paste we call peanut butter, a food processor may be slightly better equipped to handle them then a coffee grinder, especially if you want to blend coffee with it again. Peppercorns are harder and they can be done in a coffee grinder, but peanuts would likely result in a mess that would not easily be cleaned, and somewhat chunky peanut butter.
As stated in the comments below you may get some good headway with a blender. I had a crappy blender at home, but peanuts may be easier to grind than thick smoothies. But again, cleaning may take some time afterwords. But blender would probably be more effective than a coffee grinder.
Peanut powder can be made by freezing the peanuts I believe, very cold. A part of the modern cuisine. I think you would need liquid nitrogen for it. Source from Tech stuff podcast, title of the podcast was Molecularly Gastronomical.