In a large skillet over medium heat stirring constantly cook brown sugar, butter, nutmeg and cinnamon for 2 - 3 minutes or until bubbly. Add bananas and rum extract cook 3 more minutes. Bananas should be hot but remove from heat before they start to mush.
In a heavy sauce pan, whisk 3/4 cup sugar, flour, 2 large eggs, evaporated milk, half and half, 4 egg yolks. Cook over medium - low heat whisking constantly, about 10 minutes until a pudding like consistancy. Remove from heat and stir in extracts.
In a 2 qt baking dish, layer half of the banana mixture top with half of the vanilla wafers, then half of the pudding. Layer again with remaining banana mixture, then remaining pudding and top with remaining vanilla wafers.
Beat the 4 egg whites at high speed with an electric mixer until foamy, add remaining 1/4 cup of sugar 1 tablespoon at a time until stiff peaks form. Spread meringue over top of pudding layers. Bake at 325 degrees for 15 to 20 minutes until meringue is golden brown.