Combine the cherries, water and sugar in a small saucepan set over medium high heat. Bring to a boil and then simmer for about 5 minutes. Let cool to room temperature. Puree in a blender or food processor until smooth. Pass through a mesh strainer and chill completely. Store in the fridge.
To assemble the floats:
Combine the bourbon and cherry syrup in a large mug or tall glass. Add a scoop of ice cream. Gently pour in a little cola soda so ice cream is covered. Add another scoop of ice cream, followed by more soda. Repeat until glass is filled. Top with whipped cream and cherries and serve immediately.