Grease and lightly flour two 8x1-1/2-inch or 9x1-1/2-inch round baking pans; set aside. In a large mixing bowl beat the eggs with an electric mixer on medium to high speed until light. Gradually add sugar, beating until slightly thickened and lemon colored. Beat in the water, vanilla, and almond extract. Beat in the flour, baking powder, and salt until just combined. Pour batter into the prepared baking pans. Sprinkle with cherries and nuts. Bake in a 350 degree F oven for 25 to 30 minutes or until a toothpick inserted near the center comes out clean. Cool on wire racks for 10 minutes. Remove from pans. Serve slightly warm. If desired, top with sweetened whipped cream and whole cherries. Makes 10 to 12 servings.