Heat oil in a 12-inch skillet over medium heat. Add onion and bell peppers and cook until tender-crisp, about 5 minutes, stirring occasionally.
Beat eggs, water, salt and TABASCO® Sauce in small bowl until well blended. Melt butter in a 10-inch skillet over medium heat; add egg mixture and stir gently, lifting up bottom as it thickens to allow uncooked egg to run underneath. Cook and stir until desired texture and doneness is reached. Serve with onion-pepper mixture and toast.
Makes 2 servings.
Nutritional information per serving: 291 Calories, 14 g protein, 8 g carbohydrate, 23 g fat, 441 mg cholesterol, 781 mg sodium