Preheat the oven to 350 degrees F (175 degrees C). Butter and flour a fluted tube pan (such as Bundt®).

Put cranberry sauce in a bowl and crush the berries with a fork or the back of a spoon. Remove half of the crushed berries to a small bowl and mix in 1/2 cup walnuts. Set both bowls aside.

Combine sugar and butter in a large bowl; beat with an electric mixer until smooth and creamy. Add eggs, 1 at a time, beating well after each addition.

Sift together flour, baking powder, baking soda, and salt in a bowl. Add flour mixture in 2 batches to sugar-butter mixture, alternating with sour cream, beating batter briefly after each addition. Mix in 1 teaspoon almond extract and remaining 1/2 cup chopped walnuts.

Spread 1/2 of the cake batter into the prepared pan. Layer with reserved cranberry sauce and top with remaining cake batter. Pour cranberry-walnut mixture over top.

Bake in the preheated oven until a toothpick inserted into the center comes out clean, 50 to 55 minutes. Cool on a wire rack for 5 minutes. Invert carefully onto a serving plate or cooling rack.

Mix together powdered sugar, warm water, and almond extract for the glaze. Drizzle over cake.