In a small saucepan stir together the water and sugar. Bring to a boil and add the walnuts. Boil for about 2 minutes then drain and place on a cookie sheet to dry.
Heat the oil in a heavy deep skillet over medium high heat. In a small bowl whisk the egg. Add the cornstarch to another small bowl. Dip the shrimp into the egg and then the cornstarch. Fry the shrimp for about 5 minutes or until they turn pink and the outside is golden brown. Remove with a slotted spoon and drain on a paper towel.
In a medium bowl whisk together mayonnaise, honey, and sweetened condensed milk. Add the shrimp and toss to coat. Sprinkle with candied walnuts and green onions. Serve.