Preheat a deep fryer, electric skillet, or deep-sided open skillet to 365°F.
Sift together the flour, baking powder, sugar, and salt; set aside. Then, in a large mixing bowl, combine the eggs, milk, water, butter, and vanilla extract. Add the egg mixture to the flour mixture, and beat with an electric mixer on medium speed until smooth and lump-free. The consistency should be thin.
Place a finger over the bottom opening of a funnel, and fill the funnel with 1/2 to 2/3 cup of batter. Hold the funnel close to the surface of the oil, making sure not to touch the surface. Then, remove your finger and pour the batter into the oil making continuous circles of different sizes. Fry until light golden brown on one side and then, using tongs, turn the cake over and fry for 45 more seconds.
Pull the cake out of the fryer and place it on a paper towel-lined plate. Sprinkle with sifted confectioners' sugar and/or drizzle with strawberry or chocolate sauce, if desired. You can also add fresh fruit right before serving, if desired.
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