Combine figs & water in a saucepan over medium heat. Bring to a boil & cook until tender, and liquid has reduced.
Remove from heat & stir in the olive oil, balsamic vinegar, rosemary, thyme, & cayenne.
Add olives & garlic, & mix well. Season with salt & pepper to taste.
Cover & refrigerate for 4 hours or overnight to allow flavors to blend.
Unwrap cream cheese block & place on a serving platter. Spoon tapenade over cheese, & sprinkle with walnuts. Serve with slices of French bread or crackers.
Recipe by Food Askew at http://foodaskew.net/2010/08/fig-olive-tapenade/