Place potatoes in microwave-safe bowl. Cover with plastic wrap, venting one corner. Cook on HIGH for 7 minutes or until potatoes are just tender.
In large nonstick skillet over high heat, heat oil. Add potatoes and bell pepper. Cook 5 minutes, tossing occasionally. Mix in chiles and onions; cook and toss 2 minutes.
In bowl, beat eggs, water and hot sauce; mix into potatoes, then mix in cheese. Cook and toss until eggs are set, about 5 minutes. Season with salt and pepper.
In plastic bag, heat tortillas in microwave on HIGH for about 30 seconds. Top each tortilla with potato mixture, dividing equally. Roll up burrito-style to enclose filling completely.Servings: 4