Preheat oven to 325 degrees.
Grease and flour 10" tube or 12-cup Bundt pan.
Sprinkle nuts over the bottom of the pan.
Mix the cake mix, pudding, eggs, water, oil and 1/2 cup rum together. Pour batter over the nuts.
Bake for 1 hour. Remove from oven and allow to cool.
While cake is cooling, melt the butter in a saucepan. Stir in the water and sugar. Boil 5 minutes, stirring constantly.
Remove from heat and stir in the rum.
Once cake has cooled, invert over serving plate. Prick the top and drizzle and smooth glaze over the top and sides. Allow cake to absorb glaze.
Repeat until glaze is used up.
Serve and enjoy.