Thinly slice beef into bite-size pieces. In 10-inch nonstick skillet, heat oil over medium-high heat. Cook and stir beef in oil 2 to 3 minutes or until no longer pink.
Break apart ramen noodles. Add noodles, seasoning packets, frozen vegetables and water to beef. Heat to boiling. Reduce heat; cover and simmer 5 to 7 minutes or until vegetables are crisp-tender, stirring occasionally.