In a large saucepan, combine the cranberries, sugar, water and apricot preserves. Bring to a boil over medium heat. Reduce heat; simmer, uncovered, until cranberries pop, about 10 minutes, stirring occasionally.
Combine cornstarch and cold water until smooth; stir into cranberry mixture. Bring to a boil; cook and stir for 2 minutes or until thickened. Stir in almonds and lemon juice. Serve over pound cake. Garnish with whipped topping. Refrigerate leftovers.