Heat oven to 325°F. Place ham on rack in shallow roasting pan. Add 1/4 to 1/2 inch water to pan. Cover pan.
Bake 45 minutes. Uncover pan; bake 45 minutes to 1 hour 15 minutes longer or until meat thermometer inserted in center, but not touching bone, registers 140°F.
To make sauce, in small saucepan, mix all remaining ingredients with wire whisk until well blended. Cook over medium heat 10 minutes or until cranberry sauce is melted and mixture is thoroughly heated, stirring frequently. Cut ham into slices. Serve with sauce.