1Pat shrimp dry with paper towels. In medium bowl, mix Bisquick mix, egg and milk. Add shrimp; gently stir to coat well.
2In 10-inch skillet, heat oil over medium heat to 375°F. In shallow dish, place half of the coconut (add remaining coconut after coating half of the shrimp). Cooking in batches, remove shrimp one at a time from batter and coat with coconut; place in oil in a single layer. Cook 3 to 4 minutes, turning once, until coating is crispy and golden brown and shrimp are pink (cut 1 shrimp open to check doneness). Drain on paper towels.
3In small bowl, mix chili sauce and apricot preserves. Serve shrimp with sauce for dipping.