1. Cut bacon strips in half. In a large skillet over medium heat, cook bacon until almost crisp; drain.Wrap each bacon piece around a water chestnut and secure with a toothpick. Place in an ungreased 13x9x2 inch baking dish. (I do my bacon in the microwave for 1 minute)
2. Combine the brown sugar, mayonnaise and chili sauce; pour over water chestnuts. Bake, uncovered, at 350 degrees for 30 minutes or until hot and bubbly.