Preheat oven to 350 degrees. Coat a Bundt pan with non-stick cooking spray (I like the cooking spray with flour in it).
Sprinkle the walnuts evenly onto the bottom of the pan.
In a bowl, mix together the ⅓ cup sugar and cinnamon.
Quarter each biscuit and roll each in sugar mixture. Place all pieces layered evenly in the pan.
In a small pan melt the butter, brown sugar and water. Bring to a boil, turn heat to low and cook for 2 minutes. Stir often.
Pour evenly over the biscuit pieces. Bake for 25 minutes.
Remove from oven and while still hot carefully invert onto a serving plate.
Serve warm and let everybody pull off a piece.