In a large saucepan, combine butter, water and white chocolate; cook and stir over low heat until melted. Remove from the heat; stir in the buttermilk, eggs and extracts.
In a small bowl, combine 1/2 cup flour and pecans. In a large bowl, combine the sugar, baking soda and remaining flour. Gradually beat in butter mixture. Stir in pecan mixture.
Pour into three greased and floured 9-in. round baking pans. Bake at 350° for 25-30 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes before removing from pans to wire racks to cool completely.
For frosting, in a microwave, melt white chocolate; stir until smooth. Cool for 10 minutes, stirring occasionally.
In a large bowl, beat cream cheese and butter. Gradually beat in melted chocolate and extracts. Gradually beat in confectioners' sugar until smooth.
To assemble, spread 2 tablespoons of jam over one cake layer; spread with 1/2 cup frosting. Repeat layers twice. Spread remaining frosting over top and sides of torte. Warm remaining jam; drizzle over dessert plates. Top with a slice of torte. Yield: 12-15 servings.