In small bowl, combine flour, baking powder and salt; set aside. In large bowl, combine butter, brown sugar and vanilla extract; beat until creamy. Add eggs, one at a time, beating well after each addition. Alternately blend in flour mixture with milk. Stir in 1-1/2 cups chocolate morsels. Spoon batter evenly into well-greased and floured 10-inch Bundt pan or tube pan.
Bake at 350 degrees 50 to 55 minutes. Cool 15 minutes. Remove from pan. Cool completely. Pour chocolate glaze over top. Let glaze set at room temperature 15 minutes before serving.
In blender container, combine remaining 1/2 cup chocolate morsels and boiling water; process at high speed until smooth. Gradually blend in confectioners' sugar; process until smooth. Let glaze cool for 10 minutes or so before pouring over cake.