It is possible but not practical.
You may have heard of a plant called perennial peanut, which has evolved in tropical conditions and is adapted to subtropical and warm temperate climates. It is adapted to locations below the Florida-Georgia state line that have a long, warm growing season, i.e. USDA hardiness Zones 8B-11.
It would probably be impractical to use these kinds of peanuts in Colorado except if it was replanted as an annual. Here’s a University of Florida reference to the ornamental types of perennial peanut: http://edis.ifas.ufl.edu/EP135
According to a New Mexico State University production guide, a variety of regular peanut plants (Valencia) is grown in some Colorado locations.
http://aces.nmsu.edu/pubs/_h/h-648.html%20Guide%20H-468.%20Accessed%2011. Another publications mentions that organic peanuts have been grown in Colorado: http://attra.ncat.org/attra-pub/PDF/peanuts.pdf .
Based on a previous eXtenion FAQ, Front Range Colorado is USDA Hardiness Zones 4 and 5. Peanuts are tropical plants. In addition to growing in a different climate, peanuts require a longer growing season than we have in Colorado. You might extend the season by starting annual peanuts indoors and transplanting them outdoors when the soil has warmed. A loose, sandy soil is required. Row covers or frost blankets can be used in spring to protect tender transplants and in fall to keep plants alive at the end of the season while the peanuts mature.
Please check with your local county Extension agent for guidance if you decide to try growing peanuts in Colorado. They may also be able to offer suggestions for suitable alternatives.
