Add vegetable oil to medium deep skillet over medium-high heat.
Add the water, sugar and walnuts to a small saucepan and bring to a boil, boiling for 2 minutes. Transfer to a parchment-lined sheet to dry.
Whisk together the mayonnaise, honey, condensed milk and crushed red pepper flakes in small bowl and set aside.
In a bowl, whisk together the egg whites and cornstarch with a handheld mixer until soft peaks form. Working in batches, dip shrimp into the batter and fry for 2-3 minutes or until golden brown. Transfer to a paper-lined plate.
Toss the shrimp in the sauce and serve immediately, topped with walnuts.
Use wild shrimp when possible. It is healthier for you and just tastes better. Frozen shrimp works fine too but just make sure they're thawed before cooking.
Add another pinch of crushed red pepper flakes if you want more heat.
Cornstarch batter stays light in color but will be crisp.
If you want extra crunchy walnuts throw on pan in oven at 350°F for 5 minutes.