Preheat the oven to 350 degrees F.
Spray a bundt pan liberally with non-stick cooking spray and coat with flour, shake off any excess flour. Or use bakers release.
Spread the nuts evenly into the bottom of the pan. Set aside.
In a large bowl mix together the cake mix, pudding mix, eggs, rum, oil, and water until the batter is smooth.
Spread the batter evenly into the pan on top of the nuts.
Bake for 45-50 minutes or until a toothpick inserted comes out clean.
Cool in the pan on a wire rack for 20-30 minutes.
Meanwhile make the rum glaze by combining the sugar, butter, and water for the glaze in a small saucepan.
Bring to a boil over medium heat and allow it to gently boil for 4-5 minutes or until the mixture thickens.
Remove from the heat and stir in the rum.
Turn the cake out from the pan onto a cake plate or serving plate.
Brush the rum glaze over the cake using a pastry brush, allowing it to soak in as much as possible.
Let the cake rest for 1 hour before serving.
Store any leftovers in an airtight container.