Cook 1/2 cup of the sweetened condensed milk with the chips till thickened. (I heat it in the microwave for 1-2 minutes, but you can cook it in a saucepan for 4-5 minutes.) Stir in 1/4 tsp of the almond extract and pour into the pie shell.
Chop all but 8 of the cherries; set aside. Beat cream cheese till fluffy; slowly add water and remaining milk. Add pudding and 1/4 tsp almond extract and beat till smooth.
Fold in whipped cream, cherries, and almonds. Pour over chocolate layer. (If you have leftovers, just chill them and eat them another day.)
Cover the pie and chill till set, about 3 hours. Garnish with the 8 cherries and extra whipped cream if desired.
Notes
Use a deep dish pie crust, or divide the filling in half and make 2 smaller pies.