PREHEAT oven to 325°F. Combine chopped wafers, 1 cup of the flour, the raisins and pecans; set aside.
BEAT margarine and granulated sugar in large bowl with electric mixer on medium speed until light and fluffy. Add eggs, 1 at a time, beating well after each addition. Add remaining 2-1/2 cups flour, the baking powder and nutmeg; mix well. Blend in bourbon. Gently stir in reserved wafer mixture. Spread into greased wax paper-lined 10-inch tube pan.
BAKE 1 hour 15 min. or until toothpick inserted near center comes out clean. Cool in pan on wire rack 20 min. Remove from pan; cool completely on wire rack. Drizzle with Powdered Sugar Glaze.