Heat oven to 350°F. Line 2 (9-inch) round cake pans with foil; grease bottoms only with shortening or cooking spray.
Make brownie batter directed on box. Divide batter evenly between pans. Bake 19 to 22 minutes or until toothpick inserted 2 inches from side of pan comes out almost clean. Cool completely in pans, about 1 hour. Do not remove from pans.
Remove desserts from pans; remove foil. Place on serving plates.Cut each dessert into 8 wedges. Drizzle each wedge with hot fudge and caramel topping. Decorate with cherries and walnuts. Store covered in freezer.