1.In 10-inch omelet pan or skillet, sauté onion and bell pepper in 2 tablespoons oil until lightly browned. Stir in SPAM® Classic, potatoes and olives; cook over low heat, stirring frequently, 5 minutes.
2.Loosen food from bottom of pan. Add remaining 1 tablespoon oil; tilt pan to coat bottom.
3.In bowl, mix eggs, water, salt and black pepper; pour over SPAM® mixture.
4.Cover; cook over low heat 15 minutes or until frittata is set on top. With pancake turner, loosen edge and bottom; invert onto serving platter.