Cream together 1-1/2 sticks of butter (softened), 1-1/2 cups of sugar, cream cheese, and 1-1/2 teaspoons of almond extract (mix well). Add eggs one at a time and mix well. Add baking powder and flour, mixing well. Drain the cherries and chop the entire jar in half and set aside 8 halves to decorate the top of the cake. In a separate bowl mix a small amount of flour with the cherries and fold into the cake mixture being careful not to crush. Add the nuts and pour the entire mixture into a bundt pan and bake at 350 degrees for 45 minutes to 1 hour. Take the cake out of the oven and immediately turn upside down on a dish. After the cake has cooled, glaze the top with a mixture of confectioners sugar and water. Drizzle over the top of the cake allowing it to drip down the sides. Decorate with cherries and walnuts along the top.