In a bowl, cut butter into flour until mixture resembles coarse crumbs. Add water and toss with a fork. Shape dough into a ball. Pat into two 12-in. x 3-in. strips, drop 2 in. apart on an ungreased baking sheet. Set aside.
In a large saucepan, bring the water and butter to a boil over medium heat. Add flour all at once; stir until a smooth ball forms. Remove from the heat; stir in extract. Let stand 5 minutes. Add eggs, one at a time, beating well after each addition. Continue beating until mixture is smooth and shiny. Spread over crusts, covering completely.
Bake at 325° for 50-55 minutes or until puffed and light browned. Cool on a wire rack for 5 minutes. In a bowl, combine the confectioners' sugar, butter, extract and enough water to achieve spreading consistency. Spread over warm puffs. Sprinkle with almonds. Cut into 1-in. strips. Refrigerate leftovers.
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