Place ham in an ungreased large roasting pan; pour water into pan and set aside.
In a saucepan over medium heat, whisk together remaining ingredients. Bring to a boil; reduce heat to low and simmer for 5 to 10 minutes.
Brush ham with glaze; tent lightly with aluminum foil.
Bake at 325 degrees for 2 hours; uncover. Brush ham with glaze. Bake, uncovered, for an additional 30 minutes, brushing with glaze every 10 minutes.
Let stand for 15 to 20 minutes; slice to serve.