Pour enough oil into a medium saucepan to reach a depth of 1 1/2 inches; place over low heat.
Place a piece of string cheese diagonally across the center of a wonton wrapper. Moisten the edges of the wrapper with water, lift up all 4 corners and pinch them together to meet in the center, forming a bundle. Firmly pinch the sides of the wonton wrapper together, squeezing out as much air as possible. Repeat with the remaining string cheese pieces and wrappers.
Raise the heat to medium-high and heat the oil for a few minutes, until hot enough to brown a small piece of wonton wrapper in about 1 minute. Add 4 to 6 bundles and cook, turning occasionally, until golden, 1 to 2 minutes. Using a slotted spoon, transfer to paper towels to drain, then fry the remaining bundles.
Serve the bundles at once with the hot sauce on the side.