In a medium saucepan, combine the rhubarb, sugar, and 1/4 cup water. Heat on medium and cook 10 min., until rhubarb is tender, stirring often. Remove from heat. Stir in the vanilla extract, almond extract, and 3/4 of strawberries. Cool mixture completely.

In a 2-qt baking dish, line the bottom with half of the wafers. Spoon half of strawberry-rhubarb mixture on top, spreading in even layer. Spread 2 cups whipped cream over strawberry layer. Repeat layering with remaining wafers, strawberry-rhubarb mixture and whipped cream.

Arrange remaining strawberry slices on top. Cover with plastic and refrigerate at least 4 hours or up to 1 day. To serve, garnish with the almonds.

Tip: To cool the rhubarb mixture more quickly, transfer it to a wide, shallow bowl and spread it out into a thin layer. Refrigerate until cool.