Drain oysters.

Beat the eggs with salt and pepper and cayenne. Whisk in water.

Put bread crumbs in a shallow bowl.

Dip oysters, one at a time, into the egg mixture then into the bread crumbs. Let the oysters rest for 5 minutes before frying.

Fry in batches in hot deep fat at about 370° until golden brown.  Drain and keep warm while you fry the remaining oysters.

Serve hot with cocktail sauce, remoulade sauce, or tartar sauce, or use in sandwiches.