Cut together margarine or butter with flour; stir in water. Dab this crumbly mixture on a cookie sheet in an "S" or "O" shape.
In a saucepan bring water to a boil and add margarine or butter and melt. Remove from heat and stir in flour. Stir until the mixture comes into a ball away from the edge of the pan. Beat in the eggs, one at a time. Add the almond extract. Spoon on top of the crust mixture and spread to cover the edges. Bake in a 450 oven 10 minutes and lower oven to 350 and bake 20 minutes more.
Mix glaze ingredients together - should be fairly thin. Remove pastry to serving dish and spoon glaze over all.