1. Preheat oven to 325°. Microwave honey and molasses in a 1-qt. microwave-safe dish at HIGH 1 minute; whisk until blended. Whisk in bourbon, orange juice, and mustard.
2. Remove skin and excess fat from ham, and place ham in a roasting pan.
3. Bake at 325° on lower oven rack 1 1/2 to 2 hours or until a meat thermometer inserted into thickest portion registers 140°, basting occasionally with honey mixture. Transfer ham to a serving platter, reserving drippings.
4. Bring drippings and remaining honey mixture to a boil in a small saucepan. Boil 1 to 2 minutes. Remove from heat, and serve with sliced ham.