Soften 2 envelopes unflavored gelatin in 2 cups eggnog on top of double boiler. Add 1/4 cup sugar and stir until gelatin and sugar are throughly dissolved.
Add 2 more cups of eggnog, nutmeg, and rum, if desired. Chill.
Whip chilled mixture until light and fluffy and then fold in whipped heavy cream.
Pour mixture into a 9- or 10-inch cooked pie shell. Chill until firm.
Garnish with additional whipped cream and cherries, if desired.
This recipe was created by a contestant during a cooking competition. It has not been tested for home use.