Heat oven to 35~. Grease tube pan, 1x4
Beat bisquick, 1 1/2 cups sugar, 1/2 cups flour, margarine, eggs, cream cheese, vanilla and salt in large bowl on low speed, scraping bowl frequently, 3 seconds.
Beat on medium speed scraping bowl occasionally 4 minutes.
Pour batter into pan.
Bake until wooden pick inserted in center comes out clean, 55-6 minutes.
Cool 1 minutes; remove from pan.
Heat 1/2 cup sugar and the water to boiling; reduce heat.
Simmer uncovered 2 minutes; cool to lukewarm.
Stir in liqueur. Slowly drizzle over cake.
Press preserves thru sieve. Heat preserves and 1/4 cup sugar to boiling, sitrring constantly; reduce heat.
Simmer uncovered until slightly thickened, 1 to 2 minutes.
Cool slightly; spread over top, allowing some to drizzle down sides.
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