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We have obtained high-resolution data of the z 2 ring-like, clumpy star-forming galaxy (SFG) ZC406690 using the VLT/SINFONI with AO (in K-band) and in seeing-limited mode (in H- and J-band). Our data includes all of the main strong optical emission lines: [OII], [OIII], Ha, Hb, [NII] and [SII]. We find broad, blueshifted Ha and [OIII] emission line wings in the spectra of the galaxy's massive, star-forming clumps (sigma \sim 85 km s^-1) and even broader wings (up to 70% of the total Ha flux, with sigma \sim 290 km s^-1) in regions spatially offset from the clumps by \sim 2 kpc. The broad emission likely originates from large-scale outflows with mass outflow rates from individual clumps that are 1-8x the SFR of the clumps. Based on emission line ratio diagnostics ([NII]/Ha and [SII]/Ha) and photoionization and shock models, we find that the emission from the clumps is due to a combination of photoionization from the star-forming regions and shocks generated in the outflowing component, with 5-30% of the emission deriving from shocks. In terms of the ionization parameter (6x10^7-10^8 cm/s, based on both the SFR and the O32 ratio), density (local electron densities of 300-1800 cm^-3 in and around the clumps, and ionized gas column densities of 1200-8000 Msol/pc^2), and SFR (10-40 Msol/yr), these clumps more closely resemble nuclear starburst regions of local ULIRGs and dwarf irregulars than HII regions in local galaxies. However, the star-forming clumps are not located in the nucleus as in local starburst galaxies but instead are situated in a ring several kpc from the center of their high-redshift host galaxy, and have an overall disk-like morphology. The two brightest clumps are quite different in terms of their internal properties, energetics and relative ages, and thus we are given a glimpse at two different stages in the formation and evolution of rapidly star-forming giant clumps at high-z., Comment: 21 pages, 7 figures, Accepted for publication in ApJ