Prepare a bundt pan with Pam or mist with vegetable oil. Sprinkle bottom of the pan with nuts and coconut.
Prepare cake mix: Mix dry pudding into cake mix, add oil, 1/2 cup of water and 1/2 cup of coconut rum. Add eggs and beat low for one minute to blend and 2 minutes on medium to mix well. Pour over nuts and coconut. Bake 375 oven preheated
When cake has about 7 minutes left to go, prepare glaze: Melt butter, 1/4 c water and sugar. Mix well, heat to boil, stirring constantly. Boil gently for 5 minutes. Remove from heat and add 1/2 cup coconut rum.
Remove cake from oven, poke holes in the cake 1" apart. Pour glaze over entire cake. May bubble but will settle. As soon as glaze is absorbed place serving plate over cake and invert. Leave pan in place. Cake will drop to plate and glaze will drip into the cake. Set on a rack to cool. Remove pan after 30 minutes. May serve warm or cover and serve cooled.