It does sound crazy, but I believe you will love this technique. When you cook bacon in water, the water leaches out most of the fat from the bacon, and that is not even the best part, if you think about it, the majority of the cooking happens through the boiling of the water, so technically, you end up cooking your bacon in bacon fat!

This is extremely easy to do, first place the bacon in a sauté pan filled with water, enough to cover the bacon, then place the pan on the burner (at high temperature) and let it cook, till it snaps and hisses at you, then reduce to medium. The water cooking allows it to be fully cooked without browning, so no burnt outside and still chewy inside.

Source: http://foodmancingthegirl.blogspot.com/2012/02/technique-cooking-baconin-water.html