In a large bowl, combine the cake mix, pudding mixes, water, eggs and oil; beat on low speed for 30 seconds.
Beat on medium for 2 minutes.
Pour into a greased and floured 10-in. fluted tube pan. Bake for 45-50 minutes or until a toothpick inserted near the center comes out clean.
Cool for 10 minutes before removing from pan to a wire rack to cool completely.
For the glaze, in small bowl, combine the glaze ingredients, adding enough milk to reach desired consistency.
Drizzle glaze over cake.