Heat oven to 350°F. Generously grease and flour a 10-inch tube pan. In large bowl, combine all cake ingredients; beat at low speed until moistened. Beat 2 minutes at high speed. Pour batter into greased and floured pan.
Bake at 350°F. for 50 to 60 minutes or until toothpick inserted in center comes out clean.
In small saucepan, combine all sauce ingredients except vanilla; cook over medium heat, stirring constantly until mixture boils. Boil 1 minute. Stir in vanilla.
With long-tined fork, pierce cake 10 to 12 times. Slowly pour hot sauce over warm cake. Let stand 10 to 15 minutes or until sauce is absorbed. Invert cake onto serving plate. Cool 1 hour or until completely cooled.
Just before serving, sprinkle with powdered sugar. If desired, serve with whipped cream.