Two small pitchers and one large pitcher can hold 8 cups of water. One large pitcher minus one small pitcher constitutes 2 cups of water. How many cups of water can each pitcher hold?

Let x be the number of cups one small pitcher can hold.

Thus, one large pitcher can hold x - 2 cups.
So the two small pitchers can hold 2x cups in total.
Thus, x + (x - 2) + 2x = 8 cups.
Thus, 4x - 2 = 8 cups.
Thus, 4x = 10.
Thus, one small pitcher can hold x = 10 / 4 = <<10/4=2.5>>2.5 cups of water.
Thus, one large pitcher can hold 2.5 - 2 = <<2.5-2=.5>>.5 cup of water.
Thus, the large pitcher can hold 1 * 0.5 = <<1*0.5=.5>>.5 cup of water. Answer: \boxed{0.5}.