Preheat oven to 350 degrees F. Generously mist a Bundt pan with cooking spray and coat with 1/3 cup of sugar evenly distributing it around the edges of the pan.
In a bowl, combine flour, baking powder, and salt. Set aside. In a small bowl whisk together sour cream and 1/2 cup of Irish cream liqueur until smooth. Set aside. Cream together sugar, butter and oil. Add eggs one at a time followed by the vanilla. Alternately add dry ingredients with the sour cream/Irish cream mixture starting and ending with the dry ingredients.
Pour batter into prepared Bundt Pan and run a small knife through the batter to eliminate any air pockets. Bake 45-55 minutes or until a toothpick comes out clean when inserted. Let cool for 15 minutes then invert cake onto a cooling rack and place it over a baking sheet. Poke holes in cake using a wooden skewer. Prepare Glaze.
Glaze: Put butter, sugar, water, and heavy cream in a sauce pan and bring to a boil. Reduce heat and let simmer for 5 minute (watch carefully to make sure that pot does not boil over). Remove from heat and whisk in Irish cream liqueur. Slowly pour hot glaze over cake being sure to reserve any glaze that gathers on baking sheet. After glaze has cooled, scrape excess glaze off of the baking sheet and pour back on top of cake.
Makes 18 servings. Recipe by Corey Bauer.