Mix water with sugar in a medium saucepan; stir over low heat to dissolve. Boil, uncovered, without stirring to 236º on candy thermometer (syrup spins 2” thread when dropped from spoon).
Beat the egg whites on high speed with salt until stiff peaks form. Pour the hot sugar syrup over egg whites; beating constantly until very stiff peaks form when beater is raised. Refrigerate, covered, 30 min.
Preheat oven to 350º Place blanched almonds in shallow baking pan; bake until lightly toasted – 8-10 min. Chop almonds finely. Turn into a small bowl. Stir in almond extract. Set aside.
In a medium bowl; beat cream with ¼ teaspoon almond extract and the vanilla until quite stiff. Gently fold into the egg white mixture until well combined.
Spoon into 12 paper-lined, 2-1/2” muffin cake pans. Sprinkle with almond mixture; top with a cherry. Cover with foil and freeze until firm several hours or overnight.