Preheat oil in deep fryer or dutch oven to 365 degrees F.
In large mixing bowl, combine eggs, milk, water, melted butter and vanilla extract
Mix in flour, salt, sugar and baking powder. Beat together on medium speed until smooth.
One at a time, use fork to dip Twinkies into batter then drop into hot oil. Cook 1-2 minutes until golden brown on one side then use a slotted spoon to turn over. Cook another 45 seconds or so until golden.
Use slotted spoon to remove Twinkies to a paper towel-covered plate to drain.
Top with powdered sugar.