Rinse the chicken pieces and pat dry with paper towels. In a shallow platter, combine the buttermilk, water, and red pepper sauce. Soak the chicken pieces, turn to coat, then cover, and refrigerate for at least 2 hours. If time allows, marinate the chicken for up to 24 hours because the buttermilk promotes tenderness. Place flour in a shallow platter. Season it by mixing in salt, pepper, oregano, garlic, paprika, and cayenne. Roll the marinated chicken pieces in the flour, a few at a time, until well coated. Then, dip chicken in the buttermilk bath again followed by another coat of seasoned flour. Allow the chicken to sit in the flour and dry out while preparing the oil, this will help the coating stay on better. The buttermilk will keep absorbing the seasoned flour, which then fries up to form a crunchy crust. Heat oil in a large electric skillet to 350 degrees F. There should be about 1-inch of fat in the pan. Carefully add the chicken pieces in a single layer, skin side down. Do not crowd the pan or the temperature will plummet; make sure the fat continues to bubble around the chicken. Fry for 5 minutes, then turn the pieces over and fry the other side 5 minutes. Turn again, frying a total of 15 minutes. The turning will produce a golden-crisp skin with even color. Remove chicken to a plate lined with paper towels to drain. Do not put hot chicken directly in a bowl or container, the air can not circulate and the steam will cause the crust to fall off. Serve immediately or cool to room temperature.