In a small bowl, combine the graham cracker crumbs, 1/4 cup sugar, the nutmeg, and butter; mix well. Press into the bottom of an 8-inch square baking dish; set aside. In a small saucepan, combine the gelatin and water; set aside for 5 minutes to soften. Stir over low heat for 3 to 4 minutes, or until the gelatin is dissolved; remove from the heat and set aside. In a large bowl, with an electric beater on medium speed, beat the cream cheese and the remaining 1/4 cup sugar until well blended. Stir in the dissolved gelatin and the eggnog until well blended. Chill for 8 to 10 minutes, or until slightly thickened. In a medium-sized bowl, whip the cream until stiff peaks form. Fold the whipped cream into the eggnog mixture, then pour over the prepared crust. Cover and chill for at least 3 hours before serving.

topping instead of whipping the heavy cream yourself. For an extra-special holiday look, sprinkle the top with some additional nutmeg, drizzle with a bit of melted chocolate, or dot with red and green maraschino cherries.