In a small sauce pan mix water and sugar. Bring to a boil and add the walnuts. Boil for 2 minutes, drain and place on a baking sheet to dry.
Meanwhile, beat egg whites in a medium bowl until foamy. Stir in cornstarch until it becomes somewhat thick. Dip shrimp into the batter. Heat oil in a deep fryer and fry shrimp in batches in oil until golden brown (about 5 minutes). Drain on paper towels.
In a serving bowl, mix mayonnaise, honey and sweetened condensed milk. Add shrimp and toss to coat with the sauce. Add walnuts and serve.