Preheat oven to 375°F. Mix flour and baking soda in small bowl. Beat butter in large bowl with electric mixer on medium speed until creamy. Gradually add sugars, beating until light and fluffy after each addition. Add egg and vanilla; mix well. Gradually add flour mixture and water alternately, beating well after each addition.
Add cereal, oats and raisins; stir until well blended. Drop rounded tablespoonfuls of dough, 2 inches apart, onto ungreased baking sheets.
Bake 12 min. or until lightly browned. Cool 1 min.; remove from baking sheets. Cool completely on wire racks. Makes about 5 dozen cookies.