Preheat oven to 350° F. Grease and flour Bundt pan.
In large mixing bowl, mix dry ingredients together; add butter, water and applesauce. Beat 2 minutes at medium speed of electric mixer. Add eggs; beat two more minutes. Fold in raisins and nuts.
Pour into greased and floured bundt pan or 9" x 13" cake pan and bake in preheated oven for 45-50 minutes or until wooden pick inserted in center comes out clean. Frost when cool.
Melt butter in saucepan over medium heat; add brown sugar and bring to a boil, stirring constantly. Add cream. Remove from heat and cool to lukewarm. Add enough powdered sugar for drizzling on Bundt cake or good spreading consistency on 9" x 13" cake. Cover until serving time.