PREHEAT oven to 350° F.
HEAT sugar in small, heavy-duty saucepan over medium-low heat, stirring constantly, for 3 to 4 minutes or until dissolved and light brown in color. Quickly pour onto bottom of 9-inch cake pan. Holding pan with potholders and working quickly, swirl melted sugar around bottom and sides to coat. Set aside to cool. Coat bottom with fruit cocktail.
CRUMBLE bread into a large mixing bowl. Add the evaporated and sweetened condensed milks. Mash with a potato masher or mix in blender until smooth. Add the egg yolks, raisins, almonds, vermouth, flour, vanilla extract, cinnamon, nutmeg and salt; stir until well blended. Pour the mixture into prepared pan. Place pan in large roasting pan; fill roasting pan with warm water to about halfway up the side of the pan.
BAKE for 1 hour or until a wooden pick inserted in center of pudding comes out clean. Let cool on wire rack for 15 minutes. Invert onto a serving platter. Serve warm or chilled. Garnish each slice with dollop of whipped cream, maraschino cherry and sliced almonds, if desired.