Separate eggs and refrigerate the whites. Beat ylks until light in color. Gradually beat in sugar, then slowly beat in 1 cup of rum. Let stand covered for atleast 1 hr. Add rest of liquor, cream, and peack brandy, beating constantly. Refrigerate, covered, for 3 hours. Beat egg whites until stiff, fold in. Serve sprinkled with nutmeg. Serve in a punch bowl or another medium sized bowl.