I came across this recipe on the back of a box of Rum Extract from McCormick several months ago. I made it for a Christmas dinner and it recieved rave reviews. However, if you're looking for a more adult like cake, skip the extract and add real rum about 1/2 cup to cake and icing.
Preheat oven to 350 degrees. Grease and flour a 10 inch tube or bundt pan. Line bottom of pan with chopped pecans. Beat all ingredients for cake until smooth. Pour into pan. Bake for 1 hour; cool for 15 minutes.
Gradually bring sugar, butter and water to a medium boil, stirring constantly. Boil 1 minute. Stir in extract; spoon or brush over slightly cooled cake.