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1. Cut banana lengthwise. Cut halves in two pieces.
2. Arrange banana pieces in boat shaped glass dish.
3. Top with 3 scoops vanilla ice cream.
4. Spoon caramel sauce over ice cream.
5. Place dollops of whipped cream on ice cream. Garnish with nuts and cherries.
Caramel Sauce:
1. Add butter and sugar to saucepan. Melt and combine over low heat. Continue cooking until golden brown.
2. Add warm water, continue stirring.
3. Add evaporated milk, and continue stirring until smooth.
4. Serve hot or cold.
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