Place shrimp in a large bowl and sprinkle shrimp with Old Bay seasoning and stir to coat.
Set up breading station using three shallow dishes (like a pie pan): In the first dish pour in ¾ cup of flour. In the second dish, whisk together eggs with 1 tablespoon of water. In the third dish, combine Panko breadcrumbs with ½ cup of flour. Coat shrimp in flour (shake off excess), then egg (let excess drip off), then Panko/flour mixture, pressing breadcrumbs lightly into shrimp to coat. Arrange shrimp in a single layer on a plate until all are coated and ready to fry.
Pour about an inch of vegetable oil in a heavy bottom dutch oven or skillet with high sides and over medium heat; about 5-10 minutes. You can test with a meat thermometer that should register between 350-400 degrees, or drop in a few breadcrumbs to see if it sizzles.
Line a large plate with several layers of paper towels.
Fry shrimp in a single layer (you may need to fry several batches), 1-2 minutes per batch or until breading is golden in color. The amount of time will depend on how hot the oil is – don’t overcook or the shrimp will become chewy. Use a metal strainer to remove shrimp from the oil and transfer to a paper towel lined plate.
Sprinkle salt lightly over the shrimp and serve with cocktail sauce and lemon wedges.