Bake the cake according the package directions. Allow it to cool completely before the next step.
Once cooled, poke holes in the cake using a fork or wooden skewer.
Pour the maraschino cherry syrup over the holes in the cake, allowing the syrup to be soaked up.
Mix together the cream cheese and powdered sugar, using an electric mixer. Stir in the almond extract and milk.
Spread the cream cheese mixture over the top of the cake.
Mix together the whipped topping, chopped cherries, and half of the silvered almonds. Spread on top of the cream cheese mixture.
Top with remaining almonds and refrigerate for at least an hour before serving.