Form ice cream into 4 balls.
Place in baking pan. Place in the freezer and freeze solid, 2 hours or longer, preferable overnight.
In a medium bowl, add cereal, sugar and cinnamon. Mix well.
Divide cereal mixture equally between 2 pie plates or other shallow containers.
In a small bowl add eggs and water. Beat well.
Roll an ice cream ball in cereal mixture. Press coating into ice cream.
Dip coated ball in egg wash.
Then roll in second container of cereal mixture. Again press coating onto ice cream.
Place back on baking pan.
Repeat with remaining ice cream ball.
Place coated ice cream balls back in freezer and freeze solid again, at least 4 to 6 hours, preferable overnight.
Pour oil into a large cooking pot, Dutch oven or deep fryer to a level that will accommodate the ice cream balls.
Heat oil on high to 365°F.
Remove 1 ice cream ball from the freezer.
Place in hot oil and deep fry 30 to 45 seconds until golden brown.
Remove from oil and place in a serving bowl.
Repeat with remaining ice cream balls, one at a time, until all or as many as you plan to serve, are fried.
Top with dollop of whipped cream and decorate with a cherry.