Dissolve yeast in the 1/3 cup warm water and 1 tsp sugar. Let stand until ingredients are dissolved. Measure flour, sugar and salt into a large bowl. Mix cream and water together, and add to dry ingredients. Add also the melted butter and beaten eggs. Add the dissolved yeast mixture and stir well to form a soft dough. Cover and put in a warm place. Let stand until double in size, about 1 1/2 hours. Drop by spoonfuls into deep hot oil, fry until light brown. Remove and drain on a rack with absorbent paper towel. Coat with sugar, if desired. Makes 5 dozen.