In large bowl, beat egg yolks with sugar at low speed to mix.
When mixed, beat at high speed until mixture is thick and lemon-colored (about 15 minutes), frequently scraping bowl.
Carefully beat in rum and brandy, one tablespoon at a time to prevent curdling mixture.
Cover and chill. This is your base mixture and can be stored for a while until you're ready to serve the eggnog.
About 20 minutes before serving, in a chilled 5- to 6-quart punch bowl, stir in yolk mixture, milk and 1 1/4 teaspoons of nutmeg.
In a large bowl, beat egg whites at high speed until soft peaks form.
In a small bowl, using the same beaters and with mixer at medium speed, beat cream until stiff peaks form.
With wire whisk, gently fold the egg whites and cream into your yolk mixture until just blended.
To serve, sprinkle some nutmeg over the top of the eggnog.
Serving size: 1 cup Calories: 209 Fat: 8.3 g Saturated fat: 4.0 g Unsaturated fat: 0.9 g Trans fat: 2.6 g Carbohydrates: 14.5 g Sugar: 14.8 g Sodium: 77.7 mg Fiber: 0.2 g Protein: 6.6 g Cholesterol: 133.2 mg