Split open the English muffins and spread each cut side with butter. Place them, cut side down, on the grill to toast them slightly, about 2-3 minutes.
Place Canadian bacon on the grill and cook both sides for 1-2 minutes or until lightly browned. Remove from the grill and place a slice on four of the English muffin halves.
Crack an egg into each ring, then pour water onto the grill around the rings and place a dome on top to steam the eggs. Cook, covered, for 2-3 minutes or until the eggs are set.