1. In medium mixing bowl, mix together KELLOGG'S SPECIAL K cereal, coconut, and walnuts. Sift brown sugar over mixture, add butter and toss lightly to combine.
2. Press half of mixture into buttered 8 x 8-inch pan; spread evenly with ice cream. Sprinkle with remaining cereal mixture; press down lightly. Cover; freeze until firm. Cut into squares.
3. Prepare Red Cherry Topping; drain cherries, saving syrup. Combine sugar and cornstarch in saucepan; stir in cherry syrup. Cook over medium heat, stirring constantly, until mixture is slightly thickened and clear.
4. Remove mixture from heat; stir in cherries. Cool. Top squares with Red Cherry Topping.