In a medium pot, whisk together the water, oil, sugar, red food coloring and salt. Bring the mixture to a boil over medium heat. Remove the pot from the heat, add the flour and cocoa powder then stir with a wooden spoon until completely combined and no more flour is visible. Return the pot to the stove over low heat and stir vigorously for 1 minute with the wooden spoon, until a ball is formed.
Remove the ball of dough (called pate a choux) from the pot and cool for 5-10 minutes, until easy to handle by hand. Separate the dough into 8 pieces and then separate each of those pieces in half until you have 16 balls of dough.
Heat your waffle iron according to package directions (over medium heat, if you have that option) and grease the iron lightly with cooking spray. Cook waffles for 4-5 minutes, until the outside is crunchy but the inside is still a bit soft. Remove from the waffle iron and place on a cooling rack for a few minutes before dipping both sides into a bowl of sugar to coat. Repeat with all remaining waffles.
Cooks note: if you would like to make these waffles in advance, freeze without the sugar coating. Then toast before serving and dip fresh in the sugar.