Heat oven to 325°F. If shallow roasting pan does not have rack, line with heavy-duty foil. Place ham, fat side up, on rack in pan or in foil-lined pan. Score ham diagonally at 1-inch intervals, cutting 1/4 inch deep; score in opposite direction to form diamond shapes. Pour water into pan. Bake 1 hour.
Meanwhile, in medium bowl, mix glaze ingredients. Pour half of mixture into 1-quart saucepan; set aside for sauce.
Remove ham from oven. Insert meat thermometer so bulb reaches center of thickest part of ham, but does not rest in fat or on bone. Brush ham with some of glaze in bowl.
Bake 1 hour to 1 hour 30 minutes or until thermometer reads 140°F, brushing frequently with pan drippings and remaining glaze in bowl. Let ham stand in pan 15 minutes, spooning pan drippings frequently over top.
Meanwhile, heat reserved sauce in saucepan over low heat; serve warm with ham.