I am five letter word that is under you.
If you remove my 1st letter, then I am over you.
If you remove my 1st and 2nd letters then I am all around you.
I can sizzle like bacon,
I am made with an egg,
I have plenty of backbone, but lack a good leg,
I peel layers like onions, but still remain whole,
I can be long, like a flagpole, yet fit in a hole.