Preset oven to 350°F. Prepare a 9x13 cake pan with cooking spray or butter.
In a large bowl, cream together sugar, butter, and eggs. Sift the dry ingredients and add to the creamy mixture. Add in the chopped nuts and apples. Pour the mixture into the cake pan.
Bake for 45 minutes, or until done.
Make the sauce: In a small pan combine sugars, butter and whipping cream. Bring to a boil and then add vanilla. Stir well.
Pour sauce over individual servings of cake. Serve warm or cold, but it is particularly good warm.