A good Krispy Kreme donut recipe is Food.com's Copycat Krispy Kreme Doughnut. This recipe takes about two hours to prepare and makes about 24 doughnuts. There are also instructions for a creamy glaze and chocolate frosting to use on the doughnuts.
For the doughnuts, dissolve two 1/4-ounce packages of yeast in 1/4 cup warm water. Add 1 1/2 cups milk that has been scalded then cooled, 1/2 cup sugar, 1 teaspoon salt, two eggs, 1/3 cup shortening as well as 2 cups flour. Beat the mixture on low for 30 seconds, then on medium for two minutes. Stir in the remaining 3 cups flour. Cover the dough, and let rise for about 50 minutes until doubled in size.
Coat the dough with flour, and gently roll it out to 1/2-inch thickness. Cut the dough with a floured doughnut cutter, then cover the doughnuts and let rise for 30 to 40 minutes. Place doughnuts in vegetable oil heated to 350 degrees Fahrenheit, turning when they reach the surface. Fry the doughnuts for one minute on each side, remove from the oil and allow to drain.
Dip the cooked doughnuts in the creamy glaze, and place on a wire rack to cool. If desired, spread the chocolate frosting over the glazed doughnuts, and dip in sprinkles or other toppings.