In your nonstick pan, liberally spray with cooking spray.
Crack your three eggs into the pan, being sure to space them out as far as possible.
Cover your pan with a lid or another frying pan upside down (which almost works better). It is important you form a seal over the pan.*
Set your pan to medium heat on your favorite (read: strongest) burner. For the next 4 minutes, do not remove the lid. Not to peek. Not because you hear something odd. Leave it be.**
Let eggs cook for ~2 minutes, or until you hear gentle popping in the pan. At this point, turn the heat down to medium low.
After 4 minutes of total cooking, turn heat to high, add water to pan, and cover for 30 seconds. Then uncover and remove from heat.
Gently salt/pepper your eggs, serve with toast.
Notes
*In a pinch, a mixing bowl works really well too)
** Seriously don't peek.