In small bowl, mix vinegar, water, and cayenne pepper.
Add chicken to marinade and refrigerate for 30-45 min.
Preheat oven to 350.
Add chili powder to a small dish and dip chicken in chili powder.
Place on rack in baking pan.
Bake 15-20 mins turning halfway through.
Serve immediately with some homemade buffalo sauce or Frank's Original Red Hot Sauce.