In a small saucepan, combine wine or cherry juice and sugar; bring to a boil, stirring until sugar dissolves. Add cherries and return to a boil. Remove from heat and transfer cherries to a bowl, leaving liquid in pan. Let stand 5 minutes. Strain any juice that has accumulated from cherries back into the pan. Bring liquid back to a boil and boil over high heat until volume is reduced by half, about 10 minutes. Remove from heat and stir in vanilla and almond extracts. Let cool until lukewarm. Scoop ice cream into 6 stemmed wine glasses or dessert dishes. Top with equal amounts of cherry sauce and whipped topping. Garnish with almonds and a chocolate covered cherry.