Remove skin from ham, leaving 1/4 to 1/2-inch of fat on ham. Score the fat into diamond shapes and insert cloves in a decorative manner. In a saucepan, bring bourbon, molasses, and peppercorns to a simmer, to cook off the alcohol -- be careful, the alcohol will flame a little. Allow to cool. Put ham on a rack in a baking pan, add 1-inch of water, baste with the glaze and bake in a preheated 350 degree oven. Depending on weight of the ham, the time will vary. It will take approximately 20 minutes per pound. Bake for 3 hours covered and last 1/2 hour uncovered, basting every 20 minutes with glaze.