"Key lime juice and rum are baked in the cake, which is then glazed with more lime juice and rum!"
1. Preheat oven to 325 degrees F (165 degrees C). Grease and flour a 10 inch tube pan. Mix together the flour and baking powder.
2. In a large bowl, cream together 1 cup butter, 1/2 cup shortening and 2 cups sugar until light and fluffy. Beat in the eggs one at a time. Beat in the flour mixture alternately with the milk, mixing just until incorporated. Stir in 2 tablespoons rum, key lime zest, 2 teaspoons key lime juice, vanilla extract and lemon juice.
3. Pour batter into prepared pan. Bake in the preheated oven for 90 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool in pan 10 minutes. Turn it out onto wire rack. While warm, prick top of cake with toothpick. Pour Key Lime Daiquiri Glaze over warm cake. Cool completely.
4. To make Key Lime Daiquiri Glaze: In small saucepan, combine 1/4 cup sugar, 1/4 cup butter and 2 tablespoons key lime juice. Bring to boil. Continue to boil, stirring constantly, for 1 minute. Remove from heat and stir in 3 tablespoons rum.