When my step-dad made this for my kids, it became an instant classic. I’ve made it for them dozens of times since then.
Recipe courtesy of Grandpa Norm.
Using a cup with a smallish (~2″ or so) diameter, cut a hole out of a piece of bread. 
Heat some butter in a nonstick skillet. Put the bread (and the circle you removed) in the butter for a few seconds, then crack an egg into the hole. Lightly salt and pepper the eggs.
When the bottoms are done enough that you can flip the egg/bread without breaking the yolk, do so (flipping the circles at the same time). Cook for a minute or so more. Be sure to leave the yolk runny so you can dip the toasty, buttery circle in it.
Julio's Delicatessen 