1. In an extra large skillet (or wok), brown the ground beef, drain, and place beef back in skillet.
2. Add the water, taco seasoning, garlic, onions, cayenne pepper, black pepper, and jalapenos to the beef and allow to simmer over low medium heat.
3. In a separate large skillet or deep fryer, begin frying the potatoes.
4. When the beef mixture has reduced to the point that most of the water is gone, add the cheese to it.
5. Once cheese has melted in beef mixture, mix in the fried potatoes and black olives.