Preheat oven to 300 degrees. Place ham in roasting pan. In mediun saucepan, combine the wine, mustard, molasses and cayenne. Bring to a simmer and simmer for 5 minutes. Stir in the ginger ale. Pour the glaze over the ham. Bake 1 1/2 hours.
Increase oven temperature to 325 degrees. Bake for 1 hour more, basting the ham every 15 minutes. Brush the ham with the honey. Bake for 30 minutes more, basting every 15 minutes, until the ham is well glazed. Slice and serve.