COOK bacon in large skillet on medium-high heat until crisp. Remove bacon with slotted spoon; drain on paper towel. Cook and stir onions in reserved bacon drippings until tender.
ADD lima beans and water; stir. Cook 5 min. or until beans are just tender, stirring occasionally.
STIR in corn, milk, butter and vinegar. Bring to boil. Reduce heat to medium; simmer 10 min. Stir in bacon. Season with the salt and pepper.