Time: About ten minutes.
Take your bread...
...and cut holes in the centre of them (just use a bread knife). Cutting squares is easiest, and allows more room for the eggs. A lot of people cut circles as well; here I've made hearts. Don't cut them too small, or your egg will overflow.
Butter one side of each piece of bread and then butter the frying pan. Add your bread to the pan, buttered-side up.
Crack an egg into the centre of the hole you cut. (Egg was a little too big. Oops.) At this point, if you don't want your yolk to be uncooked, break it with your spatula or a fork or knife. If you're more comfortable doing so, you can break the egg into a cup and then poor it into the hole of your bread.
Flip it over when the down side is toasted.
Take it off the frying pan when both sides are toasted and the egg is as cooked as you want it.