Preheat oven to 160ºC . Grease and flour a 10 cup bundt pan. Sprinkle chopped pecans in bottom of pan. Pour batter of water, cake mix, pudding, eggs and oil and rum over the nuts in the pan. Bake 1 hour or until done by toothpick test. Cool and invert over cake rack.
GLAZE: Melt and stir all ingredients except rum over low flame for 5 minutes, keep stirring and wiping sides of pan. Take an ice pick and make many holes in the top of cake, thru the nut coating, after you have made many holes, keep drizzling in the glaze until it is all absorbed. You cannot rush this part. Let the cake sit until dinner, and then enjoy with expresso, or other after dinner liqueur.
This cake will keep well and is better the next day. Will always be very wet inside and moist.