Open can of water chestnuts and drain. Place the water chestnuts on paper towel and let air dry. If you're in a hurry, you may also pat them dry with paper towel.
Cut each strip of bacon in thirds.
Wrap bacon around water chestnut and secure with toothpick. Repeat until all are wrapped.
Place bacon-wrapped water chestnuts on a cookie sheet sprayed lightly with cooking spray or lined with tin foil for easy clean up. If using tin foil, go ahead and spray the tin foil with cooking spray, as well.
Brush each bacon-wrapped water chestnut with your favorite barbeque sauce. **OR** If you are lazy, like me, dump the barbeque sauce into a bowl and just dip each bacon wrapped water chestnut into the barbeque sauce and shake off excess.
Place on top rack in oven under the broiler. Broil for about 10 minutes. Take them out of the oven and turn them all over. Brush again with barbeque sauce, if desired. Place under the broiler again for about another 10 minutes. You should watch these pretty closely to be sure not to burn. You are looking to cook the bacon through until it crisps.