Preheat oven to 350°F (175°C).

Grease four 1-pound coffee cans (or loaf pans).

In a large bowl, mix together sugar, cooking oil, eggs, canned pumpkin, and water using a mixer until well combined.

In a separate bowl, whisk together flour, cinnamon, nutmeg, salt, and baking soda.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined.

Fold in raisins and chopped walnuts.

Pour batter into the prepared coffee cans, filling them about half full.

Bake for 1 hour, or until a wooden skewer inserted into the center comes out clean.

Let cool slightly before serving warm, or wrap in foil and refrigerate for later.