That's similar to the way my mom usually cooks hotdogs and sausages.

1. In a frying pan or skillet, put a little bit of water just enough to submerge the pan in like a couple of millimeters.
2. Put the hotdogs (or sausages) and cook over a low fire.
3. When the water has all boiled off, there should be some fat that remains, and that could be enough for a bit of frying. If not, add some bit of oil. The oil should just be enough to cover the frying pan in a thin film.
4. Fry to the level of desired doneness/crispiness.

My method, however, since I'm lazy, is to:

1. Microwave the hotdogs (or sausages) for a couple of minutes (I usually do two minutes in high)
2. Remove the hotdogs (or sausages) and pat dry them with a paper towel.
3. Collect the fat drippings (if any).
4. Pour the collected fat drippings (if any) or some cooking oil into a frying pan. Again, there should just be enough oil to coat the pan's surface in a thin layer.
5. Add the dried hotdogs (or sausages) and fry to the desired level of doneness or crispness.

It's usually the same result, but in less time and less worrying that the water has already boiled off and I'm already starting to burn the hotdogs (or sausages).