Peel and devein shrimp, leaving the tails intact. Slice lengthwise from top or bottom to fan out the shrimp. Mix the eggs with the water. Combine cracker meal, salt and pepper. Pour oil to a depth of 2 inches in a large skillet and heat to 350 degrees. Coat shrimp, one at a time in flour shaking off excess, dip in egg mixture, drain excess, then coat evenly with cracker mixture. Cook in batches so the shrimp are not crowded. Cook about 2-3 minutes until golden brown; do not overcook. Drain on metal wire racks and serve at once with Hot pepper sauce or cocktail sauce.