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Lightly grease and preheat waffle maker.
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In a bowl, beat egg then add oil, water and hotcake mix. Stir just until blended.
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Pour in little amount of hotcake mixture into waffle maker then put cocktail hotdog and pour more hotcake mixture to fully cover hotdog. Cook waffle until done. Set aside.
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Do the same procedure with the remaining mixture. Set aside to cool.