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.
In four steps you need to move the word 'cold' From 'warm' by replacing one alphabet at a time such that every word formed at each step is acceptable in English Dictionary.