Preheat your oven to 350 degrees.
Spray a donut pan with non-stick cooking spray.
In a mixing bowl, combine the yellow cake mix, milk, canola oil, and beaten egg. Mix until everything is well combined.
Spoon the batter into a ziplock bag for easy piping. Cut off a small tip from the bag, and pipe the batter into the donut pan, filling each form evenly.
Bake for about 10 minutes or until the doughnuts spring back when pressed gently.
Once baked, allow the doughnuts to cool in the pan before removing them.
In a small saucepan, add the butter and water, melting over medium-low heat.
Add the marshmallows to the saucepan, stirring frequently until melted and smooth.
Whisk in the vanilla and powdered sugar until well blended.
Dip half of each donut into the frosting, flipping over so the undipped portion is down on wax paper.
Melt the chocolate chips in the microwave, stirring until smooth. Stir in the canola oil and drizzle over the frosted doughnuts.
Immediately sprinkle the tops with crushed graham crackers. Let everything cool completely before serving.
