Cut cake into 1/4 inch slices; arrange half the slices on bottom of 13 x 9 inch baking dish. In large mixer bowl, combine sweetened condensed milk, water and extract; mix well. Add pudding mix; beat well. Chill 5 minutes.
Fold in whipped cream. Spread half the cream mixture over cake slices; top evenly with 1 can cherry filling. Top with remaining cake slices, cream mixture and cherry filling. Chill 4 hours or until set. Cut into squares to serve. Refrigerate leftovers.