1Heat oven to 325°F. Grease and flour 12-cup fluted tube cake pan or 10-inch angel food (tube) cake pan, or spray with baking spray with flour. In large bowl, beat cake mix, dry pudding mix, water, sour cream, butter, 1/4 cup rum, the orange peel and eggs with electric mixer on low speed 30 seconds, then on medium speed 2 minutes. Spread in pan.
2Bake 45 to 55 minutes or until toothpick inserted in center comes out clean. Cool 15 minutes; remove from pan. Cool completely, about 1 1/2 hours.
3In small microwavable bowl, microwave frosting uncovered on Medium (50%) 15 seconds. Stir in 2 teaspoons rum. Spread over top of cake, allowing some to drizzle down side. Sprinkle with pecans. Store loosely covered.