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In 2-quart saucepan, heat candies and water to boiling over medium-high heat, stirring frequently. Reduce heat to medium-low; simmer uncovered 5 to 6 minutes, stirring frequently, until candies are melted. Remove from heat. With wire whisk, stir in 2 1/2 cups powdered sugar, 1/2 cup at a time, until smooth. Drizzle icing over cookies. (Icing sets up quickly; if necessary, add water, 1 teaspoon at a time, for drizzling consistency.)