In a large skillet, melt the butter with the sugar over medium heat.  Add the shallots, stir gently to coat them with the syrup, and cook until the syrup is browned and the shallots are tender, about 20 minutes.
Fill a large stockpot half full of water and bring to a boil over high heat. Add the snow peas.  Blanch them briefly until bright green about 1 minute, then immediately remove them with a slotted spoon.  Serve hot alongside the caramelized shallots.