Place warm water in large warm bowl. Sprinkle in yeast; stir until dissolved. Add warm milk, sugar, butter and 3/4 cup flour. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add eggs and 1/2 cup flour. Beat 2 minutes at high speed, scraping bowl occasionally. Stir in remaining flour to make thick batter. Place in greased bowl; cover and let rise in warm draft-free place until doubled in size, about 1 hour.
Stir batter down; stir in candied fruits. Turn into greased fluted tube pan. Cover; let rise in warm, draft-free place until doubled in size, about 45 minutes.
Bake at 350°F for 30 minutes or until done. Before removing from pan, immediately prick surface with fork. Pour Rum Syrup over cake. Let stand 10 minutes to allow syrup to be absorbed. Remove from pan; cool on wire rack.
Rum Syrup: Combine sugar, water and spiced rum in a small saucepan. Bring to a boil; stirring constantly.