Begin making the meringue when you are about to use it, not ahead of time for best results.
In a small saucepan bring the sugar and water to a boil until it reaches 240°.
Just before the frosting reaches 240° ( I start when it's at about 210°)
Place egg white s in the bowl of a mixer and begin on low and start to whip the egg whites increasing the speed to medium when they are fluffy and then onto high speed until the egg whites form a stiff peak.
When the sugar syrup is ready, with the mixer on medium-low speed drizzle the syrup in the eggs in a thin steady stream carefully (boiling sugar is very hot) try to keep the syrup in a steady stream without it touching the mixer or the sides of the bowl as it won't mix in well,
Continue mixing until all the syrup is added.
Then increase the speed and whip on high until the mixture cools to room temperature, it takes at least 5 minutes. It will be at firm peaks (not stiff) it will flop a little at the ends when the beater is pulled out of the meringue.
Place the meringue on the completely cooled cake.
Swirl the meringue with the back of a spoon in swooping motions to create hills and valleys that will allow the toasting to look really dimensional.
Mix the graham cracker crumbs with the butter until well blended.
Apply the graham cracker crumbs around the perimeter of the cake, I scoop them into my hand and press them onto the sides of the cake.
Toast the meringue with a kitchen torch, waving it over the meringue until it's golden or under a high broiler for a couple of minutes, be sure to keep an eye on it, it'll only take about 3 minutes under the broiler.