Cook bacon in a stockpot until crisp; drain and crumble.  While bacon is cooking, peal and dice potatoes and chop onion.  Bring water to a boil in a small saucepan and add potatoes.  Cook until tender.  Meanwhile, pour bacon fat out of stockpot reserving 1 Tbs and saute onions in the bacon fat until transparent.  Add cans of corn, cream of soup, milk, salt and pepper.  Add potatoes and water when potatoes are tender.  Simmer for 5 minutes.  Serve with a little crumbled bacon on top.