Season chicken breasts on both sides with salt, pepper and paprika to taste.
In a shallow dish, whisk together eggs, water and hot sauce. Dip chicken breasts into egg mixture, crushed pretzels, egg again and then pretzels again. For best results, do this step earlier in the day and then refrigerate pretzel-coated chicken breasts. This will help the coating stay on while frying.
In about an inch of heated oil, fry chicken breasts a few at a time. Fry 2-3 minutes per side, until golden. (If you are working with thicker chicken pieces, you may need to bake for an additional 10 minutes or so at 350 degrees to guarantee that the chicken is fully cooked.)
Serve chicken with desired dipping sauces.