Bake cinnamon rolls as directed on package.
To caramelize pecans, melt butter in 10-inch skillet over medium heat; add pecans. Cook, stirring constantly, 1 minute or until butter just starts to brown. Pecans can burn easily, so don't walk away from the stove. Add brown sugar and water. Cook, stirring constantly, until the brown sugar melts and bubbles, about 2 minutes. Spoon over buns while they are hot out of the oven.
Remove cover from icing; microwave on Medium (50%) 5 to 10 seconds or until thin enough to drizzle. Drizzle over warm buns. Serve warm.