Preheat the oven to 375 degrees F.
In a mixing bowl combine the graham cracker crumbs, 1/4 cup sugar, and butter and mix until thoroughly combined. Using your hands, press the mixture firmly into a 9-inch pie pan, and bake until lightly browned, about 15 minutes. Remove from the oven and transfer to a wire rack to cool completely before filling.
Reduce the oven temperature to 325 degrees F.
In a non-reactive mixing bowl, combine the condensed milk, lime juice, and whole eggs. Whisk until smooth and thoroughly combined. Transfer the filling to the cooled pie shell. Bake for 15 minutes. Transfer to a wire rack to cool to room temperature, then refrigerate until thoroughly chilled, at least 2 hours.
Place the egg whites in a clean mixing bowl and beat on medium speed until the egg whites form soft peaks, about 2 to 3 minutes. Slowly add the remaining 1/4 cup sugar and beat until the whites form stiff, glossy peaks, another 1 to 2 minutes. Do not over mix or the whites will dry out.
Place the meringue in a piping bag fitted with a star tip and pipe the meringue onto the chilled key lime pie in dollops that run in concentric circles, completely covering the top of the pie. Use a blowtorch to caramelize the meringue and serve garnished with the candied lime peel.
*RAW EGG WARNING
The American Egg Board states: "There have been warnings against consuming raw or lightly cooked eggs on the grounds that the egg may be contaminated with Salmonella, a bacteria responsible for a type of foodborne illness. Healthy people need to remember that there is a very small risk and treat eggs and other raw animal foods accordingly. Use only properly refrigerated, clean, sound-shelled, fresh, grade AA or A eggs. Avoid mixing yolks and whites with the shellÖ"
Yield: 1 pie