In a large bowl, sift together the flour, sugar, and baking powder.
In a separate bowl, lightly beat the egg yolks and then mix in the egg nog, butter, and water. Mix thoroughly.
Stir the wet ingredients into the dry ingredients until fully combined. Set aside.
Beat the egg whites until stiff peaks form. Fold the egg whites into the batter.
Bake the waffles in a pre-heated waffle iron according to manufacturer's directions until golden brown. For our waffle maker, it's best of we vigorously bang the waffle maker back and forth a few times to evenly distribute the batter. Then cook for about 3 minutes on one side, flip the waffle make and cook for an additional 2 minutes.