In a large bowl cream butter and sugar until light and fluffy. Add eggs one at a time, beating well after each addition. Beat in vanilla. Combine the flour, baking powder, baking soda and salt and add to creamed mixture alternately with the buttermilk beating well after each addition.
Pour into a greased and floured 10 inch tube pan. Bake at 350 degrees for 65 - 70 minutes or until a toothpick inserted near the center comes out clean.
Cool for 10 minutes. Run a knife around the edges and center tube of the pan. Invert cake onto a wire rack over waxed paper.
For sauce, combine the sugar, butter and water in small saucepan. Cook over medium heat just until butter melted and sugar is dissolved. Remove from heat and stir in extracts.
Poke holes in the top of the warm cake and spoon 1/4 cup sauce over the cake. Let stand until the sauce is absorbed. Repeat this step twice. Now poke holes into sides of the cake and brush remaining sauce over the sides. Cool completely.