Coat a large nonstick skillet with cooking spray; add oil. Place over medium-high heat until hot. Add peas and water chestnuts; saute 4 to 5 minutes or until peas are crisp-tender.
Combine soy sauce and remaining 3 ingredients, stirring until smooth. Add to vegetable mixture. Bring to a boil, and cook, stirring constantly, 2 minutes or until thickened and bubbly.