Preheat oven to 325 degrees Fahrenheit.
Grease a 10 inch Bundt pan with flour cooking spray or use butter and then flour.
Sprinkle chopped nuts evenly over the bottom of the pan.
In a large bowl mix together the yellow cake mix and pudding mix. Then add the eggs, water, oil and rum. Whisk together well.
Once combined, pour the batter into the bundt pan covering the chopped nuts.
Bake in the preheated oven for 60 minutes, or until a skewer or toothpick comes out clean from the center.
Remove the cake from the oven and allow to cool in the pan for 10 minutes.
Once cooled turn out onto a cake plate.
While the cake is cooling make the glaze. Combine the butter, water and sugar in a 1 quart sauce pan. Bring to a boil and cook for 5-7 minutes or until the sugar is fully dissolved. Remove form the heat and allow to cool for 5 minutes. Then stir in the remaining 2 tablespoons of rum.
Using a pastry brush, brush the glaze lightly over the cake. That way you will not disturb the crushed nuts. Repeat the glazing step until all of the glaze is used.
Allow the cake to absorb the glaze before eating.