In a large heavy saucepan mix the egg yolks, milk, and 1/3 cup sugar. Cook and stir over medium heat til mixture just coats a metal spoon. Remove from heat.
Place saucepan in a sink or large bowl of ice water and stir for 2 minutes. Stir in rum, bourbon and vanilla Cover and chill for 4 to 24 hours.
Just before serving in a mixing bowl beat the cream and tbsp of sugar till soft peaks form. Transfer chilled egg mixture to a punch bowl. Fold in the whipped cream mixture. Serve at once. Sprink each serving with nutmeg.