Spread 1 cup of the vanilla wafers in the bottom of a 9 inch square cake pan.
Combine the butter, softened with the sugar, and cream well.
Add 4 eggs, one at a time, beating well after each addition until well blended.
Stir in the nuts.
Spoon this mixture over the wafers in the bottom of the cake pan.
Sprinkle 3/4 cup of the wafers on top of the mixture.
Whip cream, fold in cherries.
Spread over wafers.
Sprinkle remaining wafers over the top layer of whipped cream mixture.
Refrigerate at least 12 hours.
Cut in squares.