1. Preheat oven to 350°F (176°C) and prepare a 10-14 cup bundt pan with non-stick baking spray.
2. In a large mixing bowl, cream the butter and sugar together until light in color and fluffy, about 3-4 minutes. Do not skimp on the creaming time.
3. Add sour cream and vanilla and almond extracts and mix until well combined.
4. Add the eggs one at a time, mixing until just combined after each. Scrape down the sides of the bowl as needed to be sure all ingredients are well incorporated.
5. Combine dry ingredients in a separate bowl, then combine the milk and water in a small measuring cup.
6. Add half of the dry ingredients to the batter and mix until well combined. Add the milk mixture and mix until well combined. Add remaining dry ingredients and mix until well combined. Scrape down the sides of the bowl as needed to be sure all ingredients are well incorporated, then stir in the sprinkles.
7. Pour the batter into the prepared bundt pan and bake for about 40-45 minutes, or until a toothpick comes out with a few crumbs.
8. Remove the cakes from the oven and allow to cool for about 10 minutes, then remove to a cooling rack to cool completely.
9. To make the icing, combine all the icing ingredients except for the powdered sugar in a small sauce pan.
10. Heat on low until sugar is melted, then turn heat to medium to bring to a boil.
11. Boil for 3 minutes, stirring occasionally, then remove from heat and immediately pour into a heat-proof glass bowl.
12. Whisk in the powdered sugar and allow to cool slightly and thicken. If you find your icing to be a little thick, just add a touch more water to thin it back out. If it’s too thin, add a little more powdered sugar.
13. Drizzle the icing over the cake while the icing is still a little warm. It will be too firm to pour and get a nice drizzle if it cools completely. Top the cake with sprinkles.