Combine figs and water in a saucepan over medium heat. Bring to a boil, cook until tender, and liquid has reduced. Remove from heat. 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.
Notes
Serving suggestion: Spoon tapenade over a block of cream cheese and sprinkle with walnuts.