Heat the frying oil to 375 F in a deep-fryer or a deep pot such as a Dutch oven.
In a mixing bowl, combine the pancake mix, egg and milk. Whisk until smooth.
Working in batches, dip each Oreo in the pancake batter, covering it completely, and drop into the hot oil.
Fry about 2 to 3 minutes, until golden brown on all sides.
Remove from the oil with a slotted spoon, and set on a paper towel-lined plate.
Sprinkle the hot Oreos with powdered sugar, and serve warm.