Combine cake ingredients in large bowl. Beat at medium speed for 2 minutes. Pour into greased and floured 10 inch tube or 12 cup bundt pan. Bake at 325 degrees for 1 hour. Set on rack to cool for 10 minutes. Invert on serving plate. Prick top immediately; drizzle and brush half of glaze. After cake has cooled, reheat glaze and brush it evenly over cake.
To make glaze: Melt butter in pan. Stir in water and sugar. Boil 3 minutes, stirring constantly. Remove from heat and stir in Southern Comfort.