Preheat oven to 325º
Grease and flour a 12 cup bundt pan
Sprinkle nuts evenly over bottom of the pan.
Combine the cake mix with the amount of flour specifid on the box for high-altitude.
Add pudding mix.
Add eggs, oil and water and mix well.
Pour batter over nuts in pan.
Bake for 1 hour, or until toothpick comes out clean.
Set on rack to cool, then invert cake onto serving plate
Prick top with fork and drizzle glaze evenly over top, allowing it to soak into the cake.
Combine butter, water and sugar in a saucepan.
Bring to a boil.
Boil 5 minutes, stirring constantly.
Cool to room temperature.
Add rum and mix well.