Beat egg white and water until frothy. Mix in sugar, salt and cinnamon. Add nuts and stir until well-coated. Spread on a large baking sheet sprayed with cooking spray. Bake at 200*F for one hour, stirring every 15 minutes. Remove from oven when the nuts are dry and toasted. When cool, mix with cereal and apple rings. Store in airtight container. Also tastes great with Craisins, dried apricots, or banana chips.