Bring water to a boil in a medium sauce pan. Add the rice, stir once, and return to a boil. Cover and cook on low for 20 minutes. Fluff with a fork.
Spread rice out on a large baking sheet and set aside. Let cool for 20 minutes before moving on to the next step.
While rice is cooling, heat the oil in a large deep skillet or wok over medium high heat.
Add the Spam to the skillet and cook, stirring often, until browned, about 5 minutes.
Add the onions and cook for 2 more minutes.
Add the garlic and ginger and continue cooking for 30 seconds.
Add the peas and carrots to the skillet and cook, stirring often, for 5 minutes.
Add rice to the skillet, sprinkle with 1 1/2 tablespoons of soy sauce, and cook for 3 minutes, stirring often.
Push everything in the pan off to the side and crack the eggs into the empty space of the pan. Sprinkle with remaining 1/2 tablespoon soy sauce and stir to break up the eggs. When eggs are cooked through, stir them into the rice mixture.
Remove from the heat and top with scallions. Add a drizzle of sriracha, if desired.
Use 5 cups of day old rice in place of fresh rice, if preferred.