Heat oven to 180ºC Grease tube pan, 10x4 inch. Beat bisquick, 1.5 cups sugar, half cups flour, margarine, eggs, cream cheese, vanilla and salt in large bowl on low speed, scraping bowl frequently, 30 seconds. Beat on medium speed scraping bowl occasionally 4 minutes. Pour batter into pan. Bake until wooden pick inserted in center comes out clean, 55-60 minutes. Cool 10 minutes; remove from pan. Heat half cup sugar and the water to boiling; reduce heat. Simmer uncovered 2 minutes; cool to lukewarm. Stir in liqueur. Slowly drizzle over cake. Press preserves thru sieve. Heat preserves and quarter cup sugar to boiling, sitrring constantly; reduce heat. Simmer uncovered until slightly thickened, 1 to 2 minutes. Cool slightly; spread over top, allowing some to drizzle down sides.