Combine first 4 ingredients in a saucepan; bring to a boil over medium heat, stirring occasionally.
Slice away skin from ham.
Score fat on ham in a diamond design, and stud with whole cloves.
Place ham, fat side up, on rack in a shallow roasting pan.
Insert meat thermometer, making sure it does not touch fat or bone.
Bake, uncovered, at 325° for 1 1/2 to 2 hours or until thermometer registers 140° (18 to 24 minutes per pound); baste every 15 to 20 minutes with sauce.
Heat remaining sauce, and serve with ham.
Thinly slice and serve.