Prehead oven to 350*F. In large bowl, beat eggs; add sweetened, condensed milk, apples, water, margarine, cinnamon and vanilla. Stir in bread and raisins, moistening completely. Turn into buttered 9 inch square baking pan.
Bake 1 hour or until knife inserted near center comes out clean. Cool Serve warm with ice cream if desired. Refrigerate leftovers.