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1. In a large heavy saucepan mix the egg yolks, milk, and the 1/3 cup sugar. Cook and stir over medium heat until mixture just coats a metal spoon. Remove from heat. Place the pan in a sink or bowl of ice water and stir for 2 minutes. Stir in rum, bourbon, and vanilla. Cover and chill for at least 4 or up to 24 hours.
2. Just before serving, in a mixing bowl beat the cream and the 2 tablespoons sugar until soft peaks form. Transfer chilled egg mixture to a punch bowl. Fold in the whipped cream mixture. Serve at once. Sprinkle each serving with nutmeg. Makes about 10 (4-ounce) servings.