Pre-heat oven to 350*. Grease and flour a Bundt Cake pan. In a large mixing bowl combine all cake ingredients and blend on high for 2 to 3 minutes. Pour into prepared Bundt Cake pan. Bake for 45 minutes. Make the glaze while the cake bakes.
In a small saucepan heat water and butter over medium heat. When butter is melted, add sugar and stir. Boil for 5 minutes, stirring constantly. Remove from heat. Add Rum.
When cake is done, turn out onto a 10 inch pie plate immediately upon removal from oven. When cake is nearly cool, poke holes all over ( top, bottom, inside, outside ) using a large meat fork. Then more holes, the better the taste. Pour glaze all over the cake.