Classic Recipe Preheat oven to 325. Grease and flour 10 - inch tube or 12-cup Bundt pan. Sprinkle nuts over bottom of pan. Mix all cake ingredients together. Pour batter over nuts. Bake 1 hour. Cool. Invert on serving plate. Prick top. Drizzle and smooth glaze evenly over top and sides. Allow cake to absorb glaze. For Glaze: Melt butter in saucepan. Stir in water and sugar. Boil 5 minutes, stirring constantly. Remove from heat. Stir in rum. Garnish with can of whipped cream.