In a large skillet, melt the butter over medium heat.
Add the onions and cook, stirring occasionally, until starting to soften.
Add the green bell pepper and continue to cook until tender.
Stir in the garlic cloves and cook just until fragrant, 30 seconds to 1 minute.
Pour in the tomato sauce and water.
Season with the salt, thyme, oregano, and black pepper. Once boiling, reduce heat to a simmer, cover, and cook, stirring occasionally, for 15 minutes.
Make a lengthwise slice along the top of each hot dog no more than halfway through the link.
Remove the cover from the skillet, add the hot dogs to the tomato sauce, and continue to cook until heated through, stirring occasionally and turning the hot dogs, about 5-10 minutes.
Remove from heat.
Place a cooked hot dog in each bun and cover with 2-4 tablespoons (30-60 milliliters) of the tomato mixture.
Add desired toppings such as ketchup, mustard, mayonnaise, shoestring potatoes, and Parmesan cheese.
Serve immediately.