Preheat the oven to 325 degrees F. Generously butter a large bundt pan. Evenly spread the walnut halves over the bottom of the pan.

Combine the raisins, 1/2 cup of the rum and the water in a small saucepan. Cook over low heat, shaking frequently, until all the liquid is absorbed. Set aside to cool, and then stir in the chopped walnuts. Reserve.

Combine the honey, sour cream and remaining 1/4 cup rum in a small bowl and reserve.

In another bowl, stir together the flour, baking powder and soda.

With an electric mixer, cream together the butter and brown sugar until light and fluffy. Beat in the vanilla and salt. Add the eggs, one at a time, beating about a minute at medium speed after each addition.

Add the flour mixture, alternating with the sour cream/honey combination, in five parts, mixing gently between additions. (The last addition should be the liquids.) Fold in the rum-soaked raisins and nuts.

In another bowl, stir together the flour, baking powder and soda.

With an electric mixer, cream together the butter and brown sugar until light and fluffy. Beat in the vanilla and salt. Add the eggs, one at a time, beating about a minute at medium speed after each addition.

Add the flour mixture, alternating with the sour cream/honey combination, in five parts, mixing gently between additions. (The last addition should be the liquids.) Fold in the rum-soaked raisins and nuts.

Spoon the batter evenly into the prepared pan. Poke the batter in a few places with a knife to release large air bubbles. Smooth the top with a spatula and tap on a counter twice to release air bubbles. Bake 1 to 1 1/4 hours, until a skewer inserted in the center comes out dry. Cool on a rack while preparing the glaze.

To make the glaze, combine the butter, sugar and water in a small saucepan. Bring to a boil and let boil 2 minutes. Remove from the heat and stir in the rum.

To glaze, poke a few deep holes in the cake with a skewer or toothpick. Brush on one-third of the glaze. Invert the cake onto a baking pan and remove the cake pan. Brush the remaining glaze over the top, sides and down the center. Let cool completely before transferring to a platter and slicing.