Preheat oven to 300°.
Add 4 sticks softened butter to a large mixer bowl and beat at medium speed for 5 minutes. Gradually add in sugar while mixing and continue to mix until batter is fluffy and light in color.
Mix in eggs one at a time with the mixer running until all incorporated.
Add flour a bit at a time, alternating with milk and Amaretto and mix well.
Fold in vanilla and almond extracts.
Prepare bundt or tube pan by greasing with shortening or butter and then dusting with flour.
Pour batter into pan and smooth evenly.
Bake on the center rack of the oven for 1 hour 30 minutes to 1 hour 40 minutes or until a sharp knife inserted into center comes out clean.
Remove from oven and allow cake to cool 10 minutes. Loosen edges of cake with a sharp knife and invert onto a wire rack over a sheet pan.
Prepare the glaze by combining remaining stick (1/2 cuup) of butter with sugar, Amaretto and water in a small pan. Bring mixture to a boil, stirring constantly. Cook about 1 minutes. Remove from heat.
Spoon glaze over cake.
The glaze will drip onto the baking sheet. Carefully remove the wire rack with the cake. Drain glaze back into bowl.
Return cake on wire rack to baking sheet and drizzle over cake once more.
Cool cake completely before slicing.
Serve plain or with whipped cream and fresh fruit if desired.