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From Wikipedia:

Rice Krispies (known as Rice Bubbles in Australia) is a brand of breakfast cereal that was created in 1927 by Kellogg's and released to the market in 1928. They are made of crisped rice, that is, rice grains which are cooked, dried and toasted. These kernels bubble and rise in a manner which forms very thin walls. When the cereal is exposed to milk or juices, these walls tend to collapse suddenly, creating the famous "Snap, crackle and pop" sounds.
In 1963, The Rolling Stones recorded a short song for a Rice Krispies television advertisement.