Cut 9 of the hot dogs in half. Process cut hot dogs and water in a food processor until mostly smooth. Add baking mix and eggs; process until smooth.
Preheat a waffle iron to medium heat setting. Spray waffle iron with cooking spray, and add a heaping 1/3 cup batter for each waffle section of waffle iron. Sprinkle batter of each waffle with about 1 tablespoon of the butterscotch chips; cook until browned and set, about 5 minutes.
Slice remaining hot dog; cook in a skillet over medium-high until browned.
Top each waffle with a scoop of ice cream, and drizzle with butterscotch syrup. Sprinkle with hot dog slices, and butterscotch chips.