Preheat oven to 325º F (165 degrees C).
Grease one 10 inch Bundt cake pan or use cooking spray.
In a large bowl with an electric mixer, beat cake mix, pudding mix, eggs, oil, water, and rum on high speed for 2 minutes.
Add 1 cup of bacon, 1 cup of chocolate chips, and a half cup of peanut butter chips, and stir to combine. Pour batter into the prepared pan.
Bake at 325 degreesº for 50-60 minutes.
Let cake stand for 20 minutes and then turn out onto a serving dish. Poke the cake all over with a toothpick.
Make the glaze by combining butter, sugar, rum, and water.
Mix until well combined. If icing is to thin, beat in 1/4 C of powdered sugar until icing pours like lava.
Pour rum glaze over cake and garnish with crisp bacon and chocolate chips. If you can wait, wrap the cake with plastic wrap and let it set overnight so it can really soak up the rum. SO good!