Beat egg yolks in large mixing bowl. Combine all of the other ingredients except the egg whites. Mix well. In separate bowl, beat egg whites till stiff peaks form. Fold these into other ingredients. Pour into a 9 x 13 pan. Bake at 325 for 40 minute.
When cold, break into pieces. Layer these pieces in a medium size plastic bowl, altertnating with layers of cool whip. Chill overnight. Turn bowl upside down on a plate. Cake will come out nicely. Spread the remaining cool whip all over the cake and decorate with the cherries any way you like. Serve with more whip cream! Keep cold until ready to eat.