Sprinkle nuts evenly in bottom of 10 inch tube or fluted tube pan that has been greased and floured or sprayed with Pam pure vegetable cooking spray. Combine remaining ingredients in large mixer bowl. Blend, then beat at medium speed for 4 minutes. Pour into pan. Bake at 325 degrees for about 1 hour of until cake begins to pull away from sides of pan. DO NOT UNDERBAKE. Cool in pan 15 minutes. Prepare glaze. Invert cake onto serving plate. Prick with cake tester or wooden pick. Carefully spoon warm glaze over warm cake.
Combine in saucepan-
1/4 c. water
1 cup sugar
Stir until mizure comes to a boil; boil 5 minutes, stiring constantly. Stir in 1/2 cup rum; bring just to boil.