In a 3-quart saucepan, stir preserves and barbecue sauce. Diagonally cut frankfurters into 3/4 -inch pieces add to saucepan. Stirring over medium heat, bring to a boil and simmer until meat pieces are plumped. Remove from heat.
In a small bowl, stir water into cornstarch until smooth. Stir into hot mixture. Return to heat and boil for 1 to 2 minutes or until thickened.
Transfer to a chafing dish. Garnish with orange slice. Serve hot with wooden picks.
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