Preheat oven to 250 degrees F. Lightly grease a large baking sheet.
Lightly beat the egg white; add water, and beat until frothy but not stiff. Add the nuts, and stir until well coated. Mix the sugar, salt, cayenne and cinnamon, and sprinkle over the nuts. Toss to coat, and spread evenly on the prepared pan.
Bake for 1 hour in the preheated oven, stirring occasionally, until golden. Allow to cool, then store nuts in airtight containers.