In 3-quart heavy saucepan or deep fryer, heat oil over medium heat to 375°F.
Meanwhile, in small bowl, mix frosting and caramel topping; set aside.
Separate dough into 10 biscuits. Using your finger, form a hole in center of each biscuit to resemble a doughnut.
Place paper towels under cooling rack. Carefully place 3 or 4 doughnuts in hot oil. Cook 1 to 1 1/2 minutes or until golden brown. Gently turn with tongs; cook 1 to 1 1/2 minutes or until golden brown. Place on cooling rack; cool 2 to 3 minutes.
Repeat with remaining biscuits. Spread about 1 tablespoon frosting onto each doughnut. Sprinkle with chopped nuts and salt.