1. In a large bowl, soak bread in the water (push bread down to submerge fully) until softened, about 10 minutes.
2. While bread soaks, toast nuts. Heat heavy skillet over medium heat. Add almonds and toast for 8 to 10 minutes, shaking pan gently until nuts are lightly browned, but not burned. Let cool for 3 minutes. Set aside 1/4 cup of nuts to use as garnish.
3. Fill blender jar halfway with half the bread mixture, half the remaining almonds, and half the garlic. Purie until very smooth. With motor running, add half the olive oil in a slow, steady stream and purie until mixture is very smooth and emulsified. Pour into large, non reactive bowl (preferably stainless steel) and repeat with remaining soaked bread, almonds, garlic, and olive oil.
4. Add sherry, vinegar, and salt, and stir to combine. Cover with plastic wrap and refrigerate until cold, at least 4 hours.
5. Stir soup to blend, and correct seasoning with additional salt and vinegar if desired. Divide cut grapes among six chilled bowls, reserving six pieces for garnish. Ladle soup into bowls over grapes, garnishing with reserved toasted almonds and grape quarters, and serve.
Source: Hannaford fresh Magazine, July - August 2007