Preheat oven to 350 degrees F (175 degrees C). Grease and flour 2 - (8 or 9 inch) round pans.
In a double boiler, over lightly simmering water, melt 3 ounces white chocolate, stirring occasionally, until melted; set aside and cool to lukewarm. In a small bowl, mix flour, sugar, baking powder and salt; set aside. In a large chilled bowl, whip heavy cream until stiff peaks form; set aside.
In a large bowl, beat eggs or about 5 minutes, or until light and lemon colored. Beat in 1 teaspoon almond flavoring and melted white chocolate. Fold in whipped cream. Fold in flour mixture, about 1/2 cup at a time. Pour batter into prepared pans.
Bake in the preheated oven for 35 to 40 minutes, or until a toothpick inserted into the center of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.
To make White Chocolate Frosting: In a large bowl, heat 3 ounces white baking chocolate over low heat, stirring occasionally, until melted; cool to lukewarm. In a medium bowl on medium speed, combine melted white chocolate, confectioners' sugar, butter, water and 1/2 teaspoon almond extract. Beat until smooth and of spreading consistency.