In a large bowl, combine condensed milk and cream cheese, beating on medium speed until smooth.
Add water and pudding mix, mixing well.
Wash beaters.
In a small bowl, beat whipping cream on high speed until soft peaks form.
Gently fold whipped cream and 3/4 cups of the nutmeats into the other ingredients.

Pour into pie shell, mounding gently. Garnish with remaining nuts.
** Variation: Use white chocolate or chocolate pudding and a chocolate wafer crust.

Chill for at least 2 hours before serving.