In a large mixing bowl combine eggnog, eggs, melted butter, sugar, cinnamon and nutmeg. (Make sure your butter isn't too hot, you don't want to cook the eggs at all.) Stir the egg mixture well.
Add the all the bread cubes into the eggnog mixture in the large bowl, and stir to combine. Optional: add some raisins (or use cinnamon raisin bread) or add pecans, or both to the mixture. Let it sit 10 minutes or a couple of hours so the bread can absorb most of the liquid.
Spray a 9 x 9 baking dish with non-stick spray, and add in the soaked bread mixture to the prepared baking dish.
Bake in a 350 degree preheated oven 40-45 minutes, until set and golden brown on top.
Serve hot, warm, or cold sprinkled with a little icing sugar. Serve with whipped cream, custard sauce, or ice cream.