1. Cook bacon in a nonstick skillet over medium heat until crisp (about 8 minutes). Remove bacon from pan, reserving drippings; drain on paper towels. Add onion, water, and hot sauce to drippings in pan; cover and cook for 3 minutes. Stir in butter and sugar; cover and cook for 3 minutes. Uncover and cook for 5 minutes or until golden brown, stirring frequently. Set aside; keep warm.
2. Heat a large nonstick skillet over medium-high heat. Coat pan with cooking spray. Place bread in pan, and cook for 3 minutes on each side or until lightly browned. Set aside, and keep warm.
3. Recoat pan with cooking spray. Crack eggs into pan, and cook for 2 minutes. Gently turn eggs, one at a time; cook 1 minute or until desired degree of doneness. Sprinkle evenly with salt and black pepper.
4. Place one bread slice on each of two plates; arrange onion mixture evenly over bread. Place 1 egg, 2 bacon slices, and 1/2 cup arugula over each serving; top with remaining bread slices. Serve immediately.