Bring a large pot of water to the boil.
Heat the 2 tablespoons of oil in a large frying pan or wok over medium heat. Don't leave the pan unattended while the oil heats up.
Meanwhile, mix the boiling water and the peanut butter together.
Add the lime juice, soy sauce and sugar and blend thoroughly.
Add the noodles to the boiling water, separating them with a fork.
Put the lid on the pan and remove from the heat. Leave the noodles to soak.
Stir fry the cabbage, red pepper and carrots in the hot oil in the frying pan for about five minutes or until tender crisp.
Drain the noodles thoroughly and add to the pan.
Using two forks, separate the noodles and mix them through the vegetables thoroughly. Try not to break up the noodles.
Add the sauce and half the chopped peanuts and warm through.
Serve the Pad Thai in warmed bowls with the remaining peanuts scattered over top for garnish.