Cook bacon in large deep saucepan or stock pot over medium-high heat until crisp, about 6 minutes. Remove and drain on paper towels; set aside. Cook onion in remaining drippings 4 minutes or until tender.
Add Parkay to onions and melt. Stir in cabbage, water and pepper until cabbage is coated with Parkay and pan drippings. Cover; reduce heat to medium and cook about 10 minutes, stirring once halfway through.
Arrange chunks of corned beef over cabbage. Crumble bacon over corned beef. Cover and cook 5 minutes more or to desired doneness.