In a large bowl, combine the cake mix, pudding mixes, water, eggs and oil; beat on low speed for 30 seconds. Beat on medium for 2 minutes.
Pour into a greased and floured 10-in. fluted tube pan. Bake at 350° for 60-70 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack to cool completely.
In small bowl, combine the glaze ingredients, adding enough milk to reach desired consistency. Drizzle over cake.