In a large bowl, cream together butter and sugar, beating until light and fluffy. Add eggs, one at a time, beating well after each addition. Stir in orange extract and mix. Gradually add flour, alternating with 1/2 cup of orange juice, beginning and ending with flour mixture. Pour into a greased and floured 10-inch fluted bundt pan. Place cake pan on a rack in the center of the oven and bake in a preheated 325F oven. Bale for one hour and 10-15 minutes, or until a knife inserted into the cake, comes out clean. Allow cake to cool on a cooling rack for 10-15 minutes before removing cake from pan. Let cool another 10-15 minutes.
Place powdered sugar in a bowl, gradually beating in orange juice to make a smooth, thick consistency. Stir in cranberries and walnuts. Drizzle glazed evenly over top of cake. Yield: 10-12 servings.
**Use small bundt pans or loaf pans for individual gifts. Reduce baking time, making sure to test for doneness.