Cook the bacon until about half to ¾ done. Place on a paper towel and set aside.
Pour half of the butter in the bottom of a 12-inch skillet or Dutch oven. Tear the waffles in large pieces and place in the bottom of the skillet/Dutch oven to create a single layer. Pour the remaining butter on top of the waffles. Set aside.
In a small mixing bowl, whisk together the eggs, mayonnaise and ½ cup of cream. Salt and pepper, to taste.
Evenly top the waffles with the bacon and ham. Pour the egg mixture over the waffles.
In a small bowl mix together the gravy packets, water and remaining 1 cup of heavy cream until smooth. Pour over the waffle casserole.
If cooking indoors, bake at 350 degrees F for about 25 minutes, or until it springs back to the touch and is lightly browned.