1. In 12-inch skillet over medium heat, melt butter or margarine; add onion and cook until tender, stirring occasionally.
2. Meanwhile, in medium-sized bowl, beat eggs, water, salt, and pepper until well mixed. Add egg mixture and ham to onion mixture in skillet. Reduce heat to medium-low; cook until eggs are set around edge; with metal spatula, gently lift edge as it sets, tilting skillet to allow uncooked portion to run under egg mixture. Shake skillet occasionally to keep egg mixture moving freely in pan. When egg mixture is set, increase heat slightly to brown bottom of mixture. Cut egg mixture into 4 portions.
3. Cut each roll horizontally in half but not all the way through. Spread cut surface of each roll with some Russian dressing; top with lettuce leaves and a portion of egg mixture, then with one-fourth of roasted red peppers.