In a large saucepan, combine the sugar, corn syrup, and water and bring to a boil over high heat. Cook for 12 to 15 minutes, or until golden, stirring frequently; remove from the heat.
On a large serving plate, form a ring of 14 donut holes.
Fill the center of the ring with additional donut holes then drizzle with the sugar glaze to hold them together. Be careful when working with the sugar glaze: It's very hot!
Form a ring of 12 donut holes on top of the first ring, then fill the center with additional donut holes and drizzle with the glaze.
Continue building smaller rings, using all but one of the donut holes; finish the "tree" by topping with the final donut hole. Allow to set before serving.
Serves: 24 to 30
Note: If the sugar glaze becomes too thick, just reheat it until it's pourable again. Feel free to decorate the Christmas tree with assorted candies and top it off with a big colorful ribbon.
