In a small mixer bowl beat egg yolks till blended.
Gradually add 1/4 cup sugar, beating at high speed till thick and lemon colored.
Stir in milk, stir in rum, bourbon, vanilla, and salt.
Wash beaters well.
In a large mixer bowl beat egg whites till soft peaks form.
Gradually add remaining 1/4 cup sugar, beating to stiff peaks.
Fold yolk mixture and whipped cream into egg whites.
Sprinkle nutmeg over each serving.
Serve in a punch bowl or another big bowl.
NOTE: For a nonalcoholic eggnog, prepare Eggnog as above, except omit the bourbon and rum and increase the milk to 3 cups.