Preheat your oven to 375 degrees. Line a large baking sheet with parchment paper. Set aside.
Lay down a separate sheet of parchment paper on your counter. Roll out and take apart each triangle of dough from the crescent roll tube and place on the parchment paper. There should be 8 total. Cut each triangle of dough in half lengthwise.
In a small mixing bowl, whisk together the apricot preserves and sriracha sauce until well blended. Using about 1 tsp of the mixture per triangle half, spread the apricot/sriracha mixture over each dough triangle. Reserve any of the mixture that is left for a dipping sauce. Wrap each triangle around each hot dog piece leaving a little space at the edges. (Note: You will have 2 hot dog pieces left over. My 4 year old was happy to dispose of those for me. ;) ) For a little extra kick of heat, sprinkle the tops of each with some red pepper flakes.
Bake until golden brown, about 12-14 minutes.
Serve immediately with the leftover apricot sriracha sauce for dipping.