1. Beat cooked shrimp, softened cream cheese and cocktail sauce with wooden spoon in a bowl until smooth. Drop by teaspoonfuls onto about 40 wonton wrappers. Fold envelope style, sealing with water.
2. Heat 2 inches of vegetable oil in saucepan to 375 degrees F, Deep-fry wontons 10 to 15 seconds. Drain on paper toweling.