Preheat oven to 350 degrees F (175 degrees C). Grease and flour one 9 inch tube pan.
Cream butter or margarine adding sugar gradually. Add eggs one at time. Beating with an electric mixture on medium speed.
Mix together flour, baking soda, baking powder, and salt. With electric beaters on low speed add flour mixture alternately with sour cream to butter mixture, ending with flour mix (do not overbeat). Stir in 1 teaspoon of almond extract.
Put a layer of half the batter in the pan the bottom of the pan, than a layer of whole cranberry sauce (1/2 the can). Repeat once more with the remaining batter and cranberry sauce. Sprinkle slivered almonds on top.
Bake at 350 degrees F (175 degrees C) for 50 minutes. Remove from pan after slightly cooling. Drizzle glaze on top.
To Make Glaze: Mix together confectioners' sugar, warm water, and 1/2 teaspoon almond extract. Drizzle over top of cake.