Combine figs and water in a saucepan over medium heat. Bring to a boil, reduce heat and simmer for five minutes. Remove from heat, and stir in the olive oil, balsamic vinegar, rosemary, thyme, and cayenne. Add olives and garlic, and mix well. Season with salt and pepper to taste. Cover, and refrigerate for 4 hours or overnight to allow flavors to blend.
Unwrap room temperature cream cheese block, and place on a serving platter. Spoon tapenade over cheese. Serve.