Combine reserved cherry juice and pineapple juice in a saucepan to make 1 cup. Bring to a boil. Add gelatin and whisk until dissolved. Remove from the heat, add cream cheese, and whisk until smooth.

Add cola and beat until mixture becomes fluffy. Fold in cherries, pineapple, and nuts. Pour into molded container, chill 6 to 8 hours or until firm.