Preheat oven to 375°. In a large bowl, beat peanut butter, eggs and water until blended. Gradually beat in cake mix.
Shape into 1-1/2-in. balls; place 2 in. apart on greased baking sheets. Flatten with a glass dipped in sugar. Pinch top of cookie to form ears.
Bake 10-12 minutes or until set and bottoms are lightly browned. Remove from oven; immediately press on M&M's for eyes and noses. Insert licorice for whiskers. Remove to wire racks to cool.
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