Stir in cherries, cherry syrup, and nuts. Spread this mixture evenly in the bottoms of 2 (9-inch) layer pans.
In a large mixing bowl, combine cake mix, dry whipped topping mix, eggs, and cold water. Blend until moistened, then beat at medium speed for 4 minutes.
Carefully spoon batter over the topping mixture in the pans.
Bake at 350 degrees for 30–35 minutes.
Let stand in pans for 10 minutes before inverting onto serving plates.
Serve warm or cold. (Note: Can also be baked in a 13 x 9-inch pan for 40–45 minutes.)
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