In a medium bowl, whisk together the margarine and eggs until well blended. Combine the matzo meal and salt; lightly stir into the egg mixture until the liquid is absorbed, and the meal is damp. Gradually mix in the water so that the mixture holds together, but is not too wet. Cover and refrigerate while bringing the water to a boil.
Bring a large pot of lightly salted water to a boil. When the water is at a full boil, remove the matzo mixture from the refrigerator. Using wet hands, shape spoonfuls of the dough into balls. Do not pack the balls together too tightly.
Drop balls into the boiling water, and boil for 15 minutes. Remove from water and serve in soup or cold milk. Do not let the matzo balls sit out too long, or they will harden.