Combine sugar and butter in 9 x 13 inch pan. Cover with pineapple. Place cherries amongst pineapple. Sprinkle with nuts and 1/2 cup pineapple juice. Set aside.
Combine cake mix, dry package of Dream Whip, eggs and remaining pineapple juice. Blend until moistened and then beat for 4 minutes. Carefully spoon cake mixture over pineapple mixture in bottom of pan.
Bake at 350 degrees for 40 to 50 minutes. Let stand for 10 minutes and turn over on a large pan or tray. Serve warm or cold with Cool Whip.