Heat oven to 325 degrees. Place ham on a rack in a shallow baking pan. Bake uncovered, in a 325 degrees oven about 1- 1/2 hours (or until thermometer registers 140 degrees).
Meanwhile, in a saucepan combine the cherry preserves, vinegar, corn syrup and spices. Cook and stir until boiling. Reduce heat; simmer two minutes. Remove from heat. Put 3/4 cup of the glaze to the side.
About 15 minutes before the ham is done, spoon some of the remaining glaze over the ham, basting occasionally. Remove from oven; place on a heated serving platter.
Stir the water into the reserved 3/4 cup glaze; heat and serve along with the ham. Makes 10 servings. Enjoy!