First, fill a large frying pan with a quarter-inch of vegetable oil and heat on the stove over medium heat.
Line a small plate with paper towels, then set it on the counter next to the stove.
Next, make the fried oreo batter. Add pancake mix and cold water to a small bowl, then whisk with a fork to combine.
Finally, batter and fry the oreos. Working one at a time, coat an oreo in the batter, then carefully transfer to the hot oil with a fork. Fry until the bottom is golden, about 30 seconds to 1 minute, then carefully flip with a slotted spatula. Fry until golden on the bottom again, about 30 seconds to 1 minute. Then, transfer fried oreo to the paper towel-lined plate.
Repeat Step 4 until all the oreo cookies have been battered and fried. Let cool for at least 3 minutes before serving.
Optionally dust the fried oreos with powdered sugar to serve.