Preheat oven to 325 degrees F. Grease and flour a 10 inch Bundt pan. Sprinkle chopped nuts and coconut evenly over bottom of pan.
In a large bowl, combine cake mix and pudding mix. Mix in eggs, 1/4 cup water, 1/2 cup oil and 3/4 cup Irish cream liqueur. Beat for 5 minutes at high speed. Pour batter over nuts in pan.
Bake for 60 minutes, or until a toothpick inserted into the cake comes out clean. Cool for 10 minutes in the pan while you prepare the glaze.
To make the glaze, combine butter, 1/4 cup water and 1 cup sugar in a small saucepan. Bring to a boil and continue boiling for 5 minutes, stirring constantly with a whisk. Remove from heat and whisk in 1/4 cup Irish cream.
Invert the cooled cake onto a serving platter. Prick top and sides of cake. Spoon glaze over top and brush onto sides of cake, until the glaze is absorbed.