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Preheat oven to 325°F. Drain chopped maraschino cherries on paper towels; pat dry to remove any excess liquid. Set cherries aside.
In a large mixing bowl beat butter with an electric mixer on medium to high speed for 30 seconds. Add the 1/2 cup powdered sugar, almond extract, and vanilla. Beat until combined, scraping sides of bowl occasionally. Beat in as much of the flour as you can with the mixer. Using a wooden spoon, stir in any remaining flour, the walnuts, and maraschino cherries.
Shape dough into 1-inch balls. Place balls 2 inches apart on an ungreased cookie sheet. Bake for 18 to 20 minutes or until bottoms are light brown. Cool on cookie sheets for 5 minutes.
If desired, stir some red edible glitter into additional powdered sugar. Roll warm cookies in the powdered sugar mixture to coat. Place cookies on wire racks; cool. If desired, roll cooled cookies in the powdered sugar mixture again before serving.