In a small bowl , combine graham cracker crumbs, 1/4 cup sugar, nutmeg, and butter, mix well. Press into bottom of 8-inch square or pie baking dish; set aside.
In a small saucepan, combine gelatin and water, stir over low heat for about 3 minutes,until dissolved.Remove from heat; set aside.
In a large bowl of electric mixer, beat on medium the cream cheese and 1/4 cut of sugar until well blended. Stir in dissolved gelatin and eggnog until well mixed. Chill 10 minutes, until slightly thickened.
In a medium bowl, whip the cream. Fold whipped cream into eggnog mixture, then pour over the prepared crust, cover, and chill 4 hour or more before serving. Sprinkle top with a little nutmeg.