Drain oysters and dry thoroughly between paper towels. Beat eggs and water together. Add pepper and salt to taste to crumbs.
Dip oysters in crumbs, in egg mixture and then in crumbs again.
Place in a single layer on waxed paper in a shallow pan such as a pizza pan. Place a sheet of wax paper over the top of the oysters. Chill in the refrigerator for an hour or more.
To fry, melt butter or margarine in heavy skillet - use butter or margarine because each brown more rapidly than some other fats and oils. You want to cook until slightly golden brown on each side. Try to turn only once. Do not have butter or margarine too hot or it will burn easily.