In a large saucepan mix eggs, milk, and 1/3 cup sugar. Cook and stir over medium heat until mixture coats a metal spoon. Remove from heat. Cool quickly by placing pan in a sink or bowl of ice water and stir 1-2 minutes. Stir in rum, bourbon and vanilla. Chill 4-24 hours.

At Serving time
In a bowl, whip cream and 2 tbsp. sugar until soft peaks form. Transfer chilled eggnog mixture to a punch bowl. Fold in whipped cream mixture. Serve at once. Sprinkle each serving with nutmeg. Makes about 10(4-ounce) servings.