Mix water, sugar, and yeast in a large bowl; let sit 10 minutes. In another bowl, beat eggs, salt, and evaporated milk together. Mix egg mixture into yeast mixture. Add 3 cups flour and stir. Add shortening and stir while adding remaining flour. Knead on lightly floured surface until smooth. Place in sprayed bowl, cover, and let rise in warm place for at least 2 hours.

Preheat oil in deep-fryer to 350 degrees. Add confectioners' sugar to a paper or plastic bag. Roll dough to about 1/4-inch thickness and cut into 1-inch squares. Deep-fry, flipping constantly, until golden. Drain briefly on paper towels, then toss in the bag of confectioners' sugar. Shake to coat evenly.