Hot Buttered Rum Cake

For Cake:
Cream butter until light and fluffy. Gradually add sugar and beat on medium speed for 5 minutes.
Add eggs one at a time.
In another bowl, combine the flour, baking powder, baking soda and salt and whisk until blended.
Add the dry mixture to the butter, alternating with the cup of buttermilk until well blended.
Stir in vanilla.
Using a 10-inch tube pan or a 12-cup Bundt pan (greased and floured to prevent sticking), pour batter into pan and bake at 325° for one hour.
Cool for 15 minutes on a wire rack, then transfer to cake plate and cool completely.
THIS IS THE TRICKY PART---once cake has cooled completely, return it to the baking pan and prick holes at 1-inch intervals with a wooden pick or skewer.
Pour 2/3 of the sauce mixture over the cake allowing it to soak into the holes.
After this has set for about 15 minutes, remove the cake from the pan again and place it on your cake plate and pour the remaining butter sauce over the cake.

For Sauce:
Combine sugar, butter and water in a medium saucepan and cook over medium heat until sugar dissolves; stirring constantly.
Once this thickens, remove from the heat and add the rum.
Stir well.