Soak about 30 toothpicks in a bowl of water for at least one hour. You will only need 24, but it is a good idea to have some extras on hand just in case some break in the process.
Wrap one section of bacon around each whole water chestnut and secure with a toothpick. Place in a 375 degree oven for about 20 minutes, or until bacon has reached desired crispiness.
Place cooked bacon-wrapped water chestnuts in a small oven-proof dish. Cover with barbeque sauce and stir to cover. Return to oven for 15 minutes.