1 lg. sponge cake
1 can fruit cocktail, drained reserve liquid
1/2 c. chopped walnuts
1 pkg. (3 oz.) strawberry Jello
1 pkg. (4 1/2 oz.) Jello Americana custard mix
1 (8 oz.) tub Cool Whip

Combine custard mix and milk in saucepan. Bring quickly to a boil. Chill until thickened. Prepare Jello; chill until syrupy. Cut sponge cake into 3/4 inch cubes and place in 3 quart bowl. Sprinkle cake with juice from fruit cocktail. Add fruit cocktail and nuts. Pour Jello over top. Combine custard and Cool Whip. Spoon over fruit. Top with whipped cream if desired.