Crust (meringue) : Whip egg whites. Add sugar very gradually. Add vanilla. Fold in almonds. Spread in buttered 9 inch pie plate. Bake at 300 degrees for 45-50 minutes. Allow to cool thoroughly.
Filling: Melt German chocolate and water together in top of double boiler. Cool until very thick. Whip cream with powdered sugar and vanilla. Fold into chocolate mixture. Spread into crust. Chill until serving time. Top with whipped cream and shaved chocolate.