Fortunately, I have the perfect equipment: a commercial deep fryer and Popeil's Donut Maker. As you can see from the photo, this little mechanism is vintage kitchen ware from the 40's. They came in red, yellow, and green plastic, and they were still making them in the 70's. I've seen a number of them at garage sales and antique malls and there are lots of them on e-Bay. They were recently revived by Ronco (I believe Ron Popeil is the son of the original manufacturer) and you can get one on Amazon for $5.95 right now (click HERE).
You will be surprised at how good a fresh, homemade doughnut can be, even when unadorned by sugar or frosting. You will also notice that the doughnuts are much more modestly sized than most commercial doughnuts today. That's a good thing--you eat a couple of these and you feel like you've had a well-deserved treat rather than enduring a sense of dietary failure and bloated guilt. I doubt I'll be making doughnuts every week, but as a special treat they are well worth the effort.