Luscious Eggnog

In a heavy saucepan, combine eggs, white sugar, and salt; gradually stir in milk. Stirring constantly, cook for 10 to 15 minutes over medium heat, until mixture just coats a metal spoon. Remove from heat, and stir in 1 teaspoon vanilla extract. Place saucepan over ice water until custard cools, and then refrigerate until chilled.
In a chilled bowl, combine heavy cream, confectioners' sugar, and 1/2 teaspoon vanilla extract. Beat until stiff peaks form. Stir in rum and yellow food coloring. Fold whipped cream mixture into the cooled custard. Pour into serving bowl, and sprinkle with nutmeg. Serve immediately.