Heat oven to 350~. Grease tube pan, 10x4". Beat bisquick, 1 1/2 cups sugar, 1/2 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 1/2 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 1/4 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.