Pour 3 to 4 inches of oil into a deep fryer or large pot, and heat the oil to 350°F.
Combine the flour, cracker crumbs, salt, and pepper in a shallow dish. Mix well.
In another shallow dish, combine the buttermilk and water. Mix well.
Dip the cube steaks into the flour mixture and shake off the excess.
Dip the flour-coated cube steaks into the buttermilk, shake off the excess.
Dredge the cube steaks in the flour again.
Place the breaded steaks on a wire rack resting on a baking sheet. Allow the breading to set up for 5 minutes. This helps to set the breading on the steak.
Place the breaded steaks into the hot oil. Fry the steaks for 3 to 5 minutes on one side, until the sides of the meat start to brown and the top of the meat starts to cook.
Gently flip the steaks away from you to avoid splashing hot oil onto yourself, and fry for 3 to 5 minutes on the other side.
When both sides are golden brown and crispy, remove the steaks from the hot oil and drain on a clean wire rack over a baking sheet.