Separate the eggs, putting the yolks in one bowl and whites in another. (Be careful to separate whites into a small bowl individually before putting the white in the large bowl. This way if you get a yolk in the white, you only lose one egg white. The smallest amount of yolk will mess up the egg whites!)
Beat the yolks and 12 tablespoons of powdered sugar until thick and lemony. Add bourbon to "cook" the yolks. Set aside.
Making sure your beaters are clean, add a dash of salt to the liquid egg whites and beat until the whites are very stiff, almost dry. Carefully add more powdered sugar (about 4 tablespoons) to sweeten the whites.
In a separate bowl, beat the whipping cream with a little powdered sugar (my guess would be about one-fourth to one-half) to thick, smooth consistency. Now you've got whipped cream.
Carefully combine the whipping cream, yolks, egg whites, and vanilla in a punch bowl. Add the beaten egg whites last, folding them EVER SO CAREFULLY into the cream and egg yolk mixture. Sprinkle nutmeg over each serving and have extra bourbon available for those who prefer more grog in their nog.
Yield: 12 servings