Cook the beef in a 10-inch skillet over medium-high heat until well browned, stirring often to separate meat. Pour off any fat.
Stir the soup, picante sauce, water and tortillas in the skillet and heat to a boil. Reduce the heat to low. Cook for 5 minutes. Stir the beef mixture. Top with the cheese.
Flavor Variation: for Creamy Mexican Fiesta Skillet, stir in 1/2 cup sour cream with the soup.
Flavor Variation: for Ranchero-Style Skillet, use corn tortillas instead of flour tortillas and shredded Mexican cheese blend instead of Cheddar.
Serving Suggestion: Serve with a mixed green salad with Italian salad dressing and corn on the cob. For dessert serve a store-bought flan.