Heat oil in a 9-inch cast-iron or heavy skillet over medium heat. Add shallots; sauté 2 minutes. Add vinegar and water; cook until reduced by half (about 1 minute). Add ham; cook 4 minutes or until thoroughly heated, stirring occasionally. Remove ham from pan; sprinkle with parsley.
Note: You can purchase smoked ham in the deli section of the supermarket and have it cut into slices.