Combine the sugar, milk and water in a bowl and mix well. Add the eggs, salt, vanilla, coconut and 1/4 cup melted margarine and mix well. Stir in the bread cubes. Let stand until the liquid is absorbed. Spoon into a 9 x 12 inch baking dish.
Bake at 350 degrees for 35 to 40 minutes, or until the pudding rises like a souffle and springs back when touched.
For the sauce: Combine the eggs and flavoring (whiskey or lemon juice or amaretto, not all!) in a food processor. Process until well blended. Add the confectioners' sugar and 1/2 cup melted margarine and process until smooth.