Preheat oven to 375?. In a small saucepan, melt butter. Coat bottom and sides of a Bundt pan with 2 tbsp of the melted butter. Sprinkle 3 tbsp of the nuts over the bottom of the prepared pan. To remaining butter in saucepan, add remaining nuts, brown sugar, and water. Heat until boiling, stirring ocassionally. Remove from heat.
Separate biscuits into 20 biscuits. Cut each in half, then roll into balls. Place 20 balls into prepared pan. Drizzle half of the caramel sauce over top. Repeat layers.
Bake at 375 for 20-25 minutes, until golden brown. Invert immediately onto a plate, and remove pan.
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