In a saucepan over medium heat, bring water and sugar to a boil without stirring, boil for 5 minutes. Add cranberries; cook until berries pop and sauce is thickened, about 10 minutes. Remove from the heat. Cut apricots in the preserves into small pieces; add to cranberry mixture. Stir in lemon juice. Cool. Add almonds. Spoon over cream cheese; serve with crackers. Store leftovers in refrigerator.
Sauce may be also served as an accompaniment to poultry or pork.
Yield: About 3 cups