Preheat oven to 300°F. Grease and flour a 10-inch tube pan.
Combine butter, shortening, sugar, vanilla and almond extract in the bowl of an electric mixer. Beat until light and fluffy, about 5 minutes. Add eggs, one at a time, beating well after each addition.
In a separate bowl, combine the flour and salt, and add to butter/sugar mixture alternately with 1 cup 7 UP, beating well after each addition.
Spoon batter into prepared 10-inch tube pan, and bake for 1 hour and 45 minutes, or until cake tester comes out clean. Cool in pan on a wire rack for 10 minutes, then invert on serving plate and remove pan.
While cake is cooling, make the glaze by stirring together the 1/4 cup 7 UP and 1/2 cup sugar in a saucepan. Bring to a boil over medium heat, and boil 1 to 2 minutes or until sugar is completely dissolved. Punch holes in top of warm cake with a toothpick. Spoon glaze over cake, and cool completely before serving.
