In a saucepan, over medium heat, combine figs and water.
Bring to a boil, and cook until tender, and liquid has reduced.
Remove from heat, and stir in the olive oil, balsamic vinegar, rosemary, thyme, and cayenne.
Add olives, garlic and walnuts; mix well.
Season with salt and pepper, to taste.
Cover, and refrigerate for 4 hours, or overnight, to allow flavors to blend.
Cut baguettes into 1-inch slices and place under broiler.
Toast baguettes on both sides; set side until ready to serve.
When ready to serve, unwrap cream cheese block and allow to come to room temperature.
Spread cream cheese on toasted baguette slices.
Spoon tapenade over cheese and place on serving tray.