In the bowl of a stand mixer fitted with the paddle attachment, mix the cheddar, butter, and salt until soft and homogenous. Add the flour and mix on low speed; the dough will be dry and pebbly. Slowly add the water and continue to mix as the dough coalesces into a mass.

Pat the dough into a disk, wrap tightly with plastic wrap, and refrigerate for at least an hour.

Preheat the oven to 375˚. Line two baking sheets with parchment paper or Silpats.

Divide the dough into two pieces and roll each into a very thin (1/8 inch or less) 10×12-inch rectangle. Use small, possibly extra small, cookie cutters to cut out crackers in any desired shape. Or, if you want a more 'authentic' look, use a fluted pastry cutter, cut the rectangles into 1-inch squares, then transfer to the baking sheets. Use the tip of a chopstick to punch a hole into the center of each square.

Bake for 17 minutes or until puffed and browning at the edges. Watch carefully, as the high fat content of the crackers makes it a fine line between golden delicious and burnt. Immediately move the crackers to racks to cool.